STEP 3Important

Banking and tax

Open a bank account, get a Tax File Number, understand superannuation and lodge your first tax return. The order matters.

Week one: bank account

The big four are Commonwealth (CommBank), Westpac, NAB and ANZ. Most newcomers pick one of these because branches are everywhere; smaller banks often have better interest rates.
You can open the account online before you land (CommBank from about 14 days before arrival, Westpac up to 12 months). It stays deposit-only until you show ID at a branch.
Within about 6 weeks of arriving, most banks accept your passport alone as ID. After that you need 100 points of ID, so do not leave it late.
Choose an everyday account with no monthly fee. You get a BSB and account number for wages, and can set up a PayID (your phone number or email) for instant transfers.
Give the bank your TFN once you have it, or interest will be taxed at the top rate.

Tax File Number (TFN)

A TFN is your personal tax ID. It is free, it never expires, and you keep the same number for life. Employers and banks ask for it.

Apply online on the ATO website once you are in Australia and hold a visa with work rights. The form takes about 20 minutes and no documents are uploaded; the ATO checks your visa with Home Affairs.
It arrives by post within 28 days. You can start work before it arrives, but give it to your employer within 28 days of starting or they must withhold 47% tax.
Never post your TFN publicly or give it to a landlord, recruiter or "job agent". Only employers, banks, super funds and government need it.
Create a myGov account and link the ATO. That is where you see your income statement and lodge your return.

Getting paid: payslips, super and award rates

Your employer must pay superannuation of 12% of your ordinary earnings (rate since 1 July 2025) into a super fund, on top of your wage. It should appear on every payslip.
You can choose your fund; otherwise the employer uses a default. Check the ATO section of myGov to see that it is actually being paid.
Temporary visa holders can claim their super back (Departing Australia Superannuation Payment) after leaving Australia and once the visa has ended. It is taxed, often heavily.
Minimum pay rates are set by awards. The Fair Work Ombudsman pay calculator shows what you should be getting. Cash-in-hand below award rate is illegal, and you can still claim the difference.

Your first tax return

The Australian tax year runs 1 July to 30 June. Lodge by 31 October through myTax in myGov, or later if you use a registered tax agent.
Working holiday makers are taxed at 15% on the first $45,000 if the employer is registered as a WHM employer. Residents for tax purposes get the $18,200 tax-free threshold instead.
Your employer sends your income statement to the ATO by the end of July; myTax pre-fills it. Wait for it to show "tax ready" before you lodge.
If you leave Australia permanently before 30 June you can lodge early.

Week one: bank account

The big four are Commonwealth (CommBank), Westpac, NAB and ANZ. Most newcomers pick one of these because branches are everywhere; smaller banks often have better interest rates.

You can open the account online before you land (CommBank from about 14 days before arrival, Westpac up to 12 months). It stays deposit-only until you show ID at a branch.

Within about 6 weeks of arriving, most banks accept your passport alone as ID. After that you need 100 points of ID, so do not leave it late.

Choose an everyday account with no monthly fee. You get a BSB and account number for wages, and can set up a PayID (your phone number or email) for instant transfers.

Give the bank your TFN once you have it, or interest will be taxed at the top rate.

Tax File Number (TFN)

A TFN is your personal tax ID. It is free, it never expires, and you keep the same number for life. Employers and banks ask for it.

Apply online on the ATO website once you are in Australia and hold a visa with work rights. The form takes about 20 minutes and no documents are uploaded; the ATO checks your visa with Home Affairs.

It arrives by post within 28 days. You can start work before it arrives, but give it to your employer within 28 days of starting or they must withhold 47% tax.

Never post your TFN publicly or give it to a landlord, recruiter or "job agent". Only employers, banks, super funds and government need it.

Create a myGov account and link the ATO. That is where you see your income statement and lodge your return.

Getting paid: payslips, super and award rates

Your employer must pay superannuation of 12% of your ordinary earnings (rate since 1 July 2025) into a super fund, on top of your wage. It should appear on every payslip.

You can choose your fund; otherwise the employer uses a default. Check the ATO section of myGov to see that it is actually being paid.

Temporary visa holders can claim their super back (Departing Australia Superannuation Payment) after leaving Australia and once the visa has ended. It is taxed, often heavily.

Minimum pay rates are set by awards. The Fair Work Ombudsman pay calculator shows what you should be getting. Cash-in-hand below award rate is illegal, and you can still claim the difference.

Your first tax return

The Australian tax year runs 1 July to 30 June. Lodge by 31 October through myTax in myGov, or later if you use a registered tax agent.

Working holiday makers are taxed at 15% on the first $45,000 if the employer is registered as a WHM employer. Residents for tax purposes get the $18,200 tax-free threshold instead.

Your employer sends your income statement to the ATO by the end of July; myTax pre-fills it. Wait for it to show "tax ready" before you lodge.

If you leave Australia permanently before 30 June you can lodge early.