Money, Banking and Tax
Understanding money matters early protects you from expensive mistakes and scams. This guide covers banking, tax, government payments – and how to spot the tricks that target new arrivals.
Banking
- Open an account with your passport; within 6 weeks of arrival most banks need no other ID.
- Everyday accounts should be free or low-fee - compare before choosing.
- Banks will NEVER call and ask you to transfer money "to keep it safe".
Tax
- The tax year runs 1 July - 30 June. Most workers lodge a tax return each year, often getting money back.
- Your TFN is confidential - only give it to your employer (after starting), your bank and government.
- Free help: the ATO's Tax Help program for simple returns - volunteers, interpreters available.
Centrelink and superannuation
- Centrelink payments and services depend heavily on visa type and waiting periods - apply through myGov; a multilingual phone line is available.
- "Super" is compulsory retirement savings your employer pays on top of your wage. Choose one fund and give it to every employer - multiple accounts eat your money in fees.
Scams that target migrants - never do these
Anyone claiming to be Home Affairs, police or the ATO demanding payment by gift cards, transfer or crypto and threatening deportation or arrest – it is always a scam. Hang up.
Also avoid: “visa guarantees” for money, job offers that ask YOU to pay a fee, and money requests from online romantic contacts you’ve never met. Report to Scamwatch – being scammed is not shameful; these are professional criminals.
Looking for answers?
Common questions
Find clear and detailed answers to all common questions about Migrants Hub Australia.
On this page
- Banking
- Tax
- Centrelink & super
- Scams
In money trouble?
Free financial counselling: 131 450 National Debt Helpline