Banking

Tax File Number

In order to receive income from employment, you will need to have a tax file number. This enables your employer to deduct income tax at the appropriate level. Therefore you should apply for a Tax File Number (TFN) before you start looking for work. Be aware that income includes wages or salary from a job, payments from the government, money earned from investments including interest on savings accounts.

In Australia, you can telephone the Australian Taxation Office (ATO) and have a TFN application form sent to you. Alternatively, you can apply for a TFN over the internet.

The ATO can be contacted on 13 28 61, at their various shop fronts, or through their website at http://www.ato.gov.au.

Bank Account

Many employers will require you to have a bank account in order to receive wages, salaries etc. Ensure that you open up a bank account as soon as possible to avoid any delays in receiving your income. Also be aware that you will need to give your bank a tax file number in order to avoid Withholding Tax (WHT) on any interest earned on savings funds. Currently this rate is 48.5% of any interest earned.

Exchange Rates

Be aware that in these turbulent times, currencies can swing wildly, especially one such as the Australian Dollar which is linked heavily with commodities prices and momentum. For example during 2008 the Aussie Dollar has reached a high against the US Dollar at around the 98 cent mark, only to then fall back to 88 cents within the space of a month or two.

In order not to be negatively affected, keep watch on the exchange rates and if your currency is looking strong, enquire with your local bank or financial planner whether there are benefits to purchasing local currency prior to departing for Australia.