Banking, Money and Taxes in Australia

Australia is a major regional financial hub with a sophisticated banking system. Matters of banking, money and taxes in Australia are fairly simple to manage.

For help understanding the finer points and ensuring all obligations are met, you will be able to seek out professional support.

Money in Australia

The Australian Dollar (AUD) is the official currency in Australia and is divided into 100 cents.

• Notes: AUD 5, 10, 20, 50, and 100
• Coins: 5, 10, 20, and 50 cents; AUD 1 and 2 

In Australia, the currency is simply abbreviated as $, not to be confused with the US Dollar (USD). 

Banking in Australia

Banking as an expat can be an exercise in patience, due to the sometimes limited options available while building up a financial history in a new country. If you want to open a bank account in Australia, you should investigate all available options, finding the best value for money and interest rates. Some banks will also be more expat friendly than others, and it's well worth opting for a bank that is used to accommodating customers from abroad. 

Australia’s major banks are the Commonwealth Bank of Australia, ANZ Bank, Westpac and National Australia Bank.

Opening a bank account

As banks are always keen to attract new customers, most have a wide range of services and are happy to assist expats. Opening a bank account in Australia is a fairly straightforward process as long as you bring all the required documentation as well as a deposit if needed. Requirements can vary between banks, so it's best to research the details beforehand.

ATMs

Both cash and credit or debit cards are readily accepted all over Australia, and ATMs are widespread and easy to find.

Taxes in Australia

Moving to Australia means that, at some point, expats will encounter the Australian Tax Office. You can be taxed as a resident after living in Australia for 183 days of a tax year.

The country uses a progressive tax system, and the amount of tax you pay depends on your income. In addition to income tax, you may also be required to pay the Medicare levy.

Tax can be a complex issue, and we recommend consulting an advisor with experience in expat tax.