Banking in Brisbane

When organising your finances while living in Brisbane, there are three main areas to look at – banks, tax, and superannuation.

How to open an Australian bank account for non-residents

Opening your new bank account in Brisbane is a relatively easy and straightforward process. Depending on the bank you choose, you may be able to open your Australian bank account before you arrive in Brisbane, but if not, all you need is your passport and one other form of ID, such as a bank card, driver’s licence or student card.

It’s a good idea to shop around before opening your account – depending on your need for savings accounts, everyday banking or credit/debit cards, you’ll find a wide variety of banking products on offer to suit your needs, with differing fee structures, charges, and interest rates.

Some of the main Australian banks include:

Most banks and ATMs (Automatic Teller Machines) will allow you to withdraw from international bank accounts, provided your bankcard has an international symbol, such as Cirrus or Maestro – be aware that you are likely to incur a fee.

If you need to transfer money into or out of Australia, most banks above offer you the option to transfer money internationally for a fee, or you can use a service like TransferWise. However, you choose to exchange your money, OzForex offers a free service to ensure that you have the right advice and expertise – contact OzForex on +61 (0) 2 8667 8090, visit their website, or email [email protected] to obtain further information.

Paying tax in Australia

As soon as you can after you arrive in Brisbane, you should apply for a Tax File Number (known as a TFN) from the Australian Tax Office (ATO). This takes up to 28 days to process, and as soon as it’s issued, you should provide it to your workplace so that you’re taxed at the right rate. Under Australian tax law, if you don’t provide a TFN in time, you’ll be taxed at the highest tax rate. If you don’t have a permanent address in Australia, you can give your work address. Non-residents are taxed at a different rate to residents, so it’s best to work out if you’re a resident for tax purposes as soon as possible.

The tax year in Australia runs from July 1 to June 30 of the following year, and individual tax returns are due by the end of October. Your employer will issue you a document known as a group certificate – a summary of your earnings and taxes at the end of the financial year – which you should use to fill out your tax return. Tax returns can be filled out either online through myGov or on a paper copy (available to order by calling 1300 720 092).

Superannuations

Employers in Australia are obliged to pay 9.5% of your salary into a superannuation fund (retirement fund). Even temporary residents and working holidaymakers are required to pay into a superannuation fund (generally known as ‘super’). It’s redeemable either at retirement age or if you’re an eligible temporary resident departing Australia permanently, which will incur a tax.

Individual employees have the right to select their own superannuation fund, or you can use the default fund of your employer, which can be set up on your behalf. Consumer advocacy group CHOICE offers more information and a guide to help individuals select their super fund.

It’s important that all employees:

• Know what superannuation fund their employer is contributing to

• Retain records of how much superannuation they have

• Find out if they are eligible to access their super contributions if leaving Australia permanently.

For more information on superannuation and accessing it when you leave Australia, you can call the Australian Tax Office Superannuation information line on 13 10 20 (available within Australia) or go to the Australian Tax Office website: www.ato.gov.au/super.