The first steps when arriving in Australia determine how efficiently you can access the financial system. Getting these fundamentals right early saves significant time and money.

• Tax File Number (TFN): Apply for a TFN from the ATO immediately upon arrival - online via the ATO website. Without a TFN, employers must withhold tax at the highest marginal rate (47%), and you cannot open certain investment accounts or receive government payments correctly
• Australian bank account: Most major banks allow account opening before arrival with a passport and visa - ANZ, CBA, NAB, and Westpac all offer this. Bring your passport, visa confirmation, and proof of address to complete in-person setup. Avoid high-fee accounts - compare options via MoneySmart
• Medicare registration: Permanent residents and citizens are eligible for Medicare from arrival. Citizens of countries with reciprocal health agreements (UK, Ireland, New Zealand, Italy, Sweden, Belgium, Netherlands, Slovenia, Malta, Finland, Norway) can access Medicare while on certain visas. Register with Medicare online or at a Medicare office with your passport and visa
• Superannuation: Superannuation contributions begin from your first Australian payroll. You have the right to choose your own super fund - research and nominate one before starting work, or your employer will put you in their default fund (which may have higher fees)
• Credit history starts from zero: Your credit history from your home country does not transfer to Australia. Building an Australian credit file from scratch typically takes 12–24 months of consistent credit account usage. Start with a simple credit card with a low limit, use it for routine purchases, and pay in full each month
• Driver's licence: Most states allow conversion of a foreign licence to an Australian one (conditions vary by country and state). An Australian driver's licence serves as primary photo ID for financial account opening, rental applications, and other administrative purposes

Australian tax residency - distinct from immigration status - determines your tax obligations from the date you arrive. Most migrants become Australian tax residents immediately, even before receiving permanent residency.

• Australian tax resident from arrival: If you intend to reside in Australia (not just visit), you are generally an Australian tax resident from the day you arrive - regardless of visa type. As a resident, you pay Australian tax on your worldwide income, not just Australian-sourced income
• The tax-free threshold: Australian tax residents are entitled to the $18,200 tax-free threshold - the first $18,200 of income is not taxed. Non-residents have NO threshold - taxed at 32.5% from the first dollar. Ensure your employer is treating you as a resident (claim the threshold on your TFN declaration form)
• Foreign income in your arrival year: If you earned income offshore before arriving in Australia in the same tax year, you may need to include this in your Australian return depending on residency start date. The income earned as a non-resident before arrival is generally not assessable in Australia
• Double tax agreements (DTAs): Australia has tax treaties with over 40 countries - preventing the same income from being taxed in both countries. If you receive income from your home country (pension, rental income, interest), the DTA governs which country has taxing rights. Seek advice if you have ongoing offshore income
• Foreign assets and capital gains: As an Australian resident, you are taxable on capital gains from foreign assets (shares, property in your home country) from the date you become a resident. The cost base is generally reset to market value at residency start date - protecting you from being taxed on gains that accrued before you arrived
• Departing Australia Super Payment (DASP): If you are a temporary resident who leaves Australia permanently, you can claim your accumulated superannuation via DASP - but significant withholding tax applies (35% on taxable component for temporary residents). This is a tax cost of working in Australia on a temporary visa

Superannuation is compulsory for most Australian workers - and one of the most tax-effective savings vehicles in the world. Understanding how it works from your first day of employment is essential.

• Employer super guarantee (SG): Your employer must pay 11.5% (2024-25) of your ordinary time earnings into your super fund - regardless of whether you are a permanent resident, citizen, or temporary visa holder (with some exceptions for students and working holiday makers)
• Working holiday makers (WHM): 417 and 462 visa holders are entitled to super guarantee contributions from employers - and can claim DASP when they leave, subject to 65% withholding tax on the taxable component (the highest rate). This tax is set by legislation and cannot be avoided
• Choosing your super fund: Do not default to your employer's chosen fund unless you have reviewed it. Compare using APRA's MySuper product heatmap (available on APRA's website) - look at 7-year return after fees, total fees as a percentage, and insurance terms
• Consolidating super accounts: If you have previously worked in Australia or opened multiple accounts, consolidate via myGov ATO portal - multiple accounts pay multiple sets of insurance premiums and fees, eroding your balance. Consolidate to your preferred fund, but check insurance cover is not lost
• Personal contributions: You can make additional contributions to super on top of your employer's SG - concessional (salary sacrifice, tax-deductible personal contributions up to $30,000 p.a.) or non-concessional (after-tax, up to $120,000 p.a.). The 15% tax environment is particularly attractive for migrants in high-income brackets
• Government co-contribution: If you earn under $58,445 and make after-tax super contributions, the government co-contributes up to $500 - a 50% match on $1,000 contributed. Available to permanent residents and citizens (not temporary visa holders)

Many new Australians send money regularly to family overseas - and the cost of doing this through a bank can significantly erode what family members receive. Understanding the options reduces remittance costs substantially.

• Bank international transfer fees: Major Australian banks charge $20–$32 per international transfer plus exchange rate margins of 2–4%. On a $1,000 remittance, total cost can be $50–$70 - 5–7% of the transfer
• Specialist transfer services: Wise (formerly TransferWise) charges 0.3–0.8% with mid-market exchange rates - no inflated rate margins. OFX provides competitive rates for larger transfers ($1,000+). WorldRemit and Remitly are optimised for specific destination countries with competitive rates for popular corridors
• Mobile wallet services: For some destination countries, mobile-to-mobile wallet transfers (bKash in Bangladesh, M-Pesa in Kenya/Tanzania, GCash in Philippines, Paytm in India) allow low-cost transfers that arrive instantly - compare these options for your specific corridor
• AML reporting thresholds: Under Australian AML legislation, transfers of $10,000 or more trigger automatic reporting to AUSTRAC - this is not a tax concern for legitimate transfers but explains why financial institutions may ask about the purpose of large transfers
• Exchange rate timing: For large transfers (property purchase, significant family support), consider using a forward contract through OFX or a specialist FX broker - locking in a rate for up to 12 months and protecting against adverse exchange rate movement
• Tax on foreign source income remitted to Australia: Remittances from overseas are generally not taxable income in Australia - you are moving your own money, not earning new income. However, if the offshore funds represent income earned offshore (rent, dividends), that income may be assessable in Australia depending on your residency status

Australia's property market is one of the most important wealth-building vehicles for new Australians - but foreign citizenship and visa status affect what you can buy and how.

• FIRB approval for non-permanent residents: Temporary visa holders (student, skilled worker) who want to purchase established dwellings in Australia must obtain Foreign Investment Review Board (FIRB) approval - a fee applies (varies by purchase price) and conditions are imposed (must be your primary residence, must sell when you leave)
• Permanent residents and citizens: Permanent residents and Australian citizens face no FIRB restrictions on residential property purchase - same rules as Australian-born buyers
• FIRB exemption for new dwellings: Temporary residents can purchase new dwellings (off-the-plan or newly built) without FIRB approval for established property - this is designed to encourage foreign investment in housing construction
• Lender LVR policies: Some Australian lenders apply lower maximum LVRs for non-citizen borrowers, particularly temporary visa holders. Lenders may cap LVR at 70–80% for certain visa types, requiring a larger deposit
• First home buyer grants and schemes: Permanent residents and citizens may be eligible for state First Home Owner Grants and the federal First Home Guarantee Scheme. Temporary visa holders are generally not eligible. Check the specific eligibility rules for your visa class and state
• Foreign stamp duty surcharges: Most states impose an additional stamp duty surcharge on foreign purchasers - for example, NSW charges 8% surcharge on top of standard duty, VIC 8%, QLD 7%. Permanent residents are generally exempt; citizens are always exempt. Check your state's rules and your specific visa eligibility

New Australians who establish good financial habits early - taking advantage of Australia's tax system, superannuation, and investment access - can build substantial wealth over a 20–30 year Australian career.

• Leverage Australia's superannuation system: Many migrants come from countries without equivalent compulsory retirement savings systems. Treat super as your most tax-effective wealth vehicle - it is genuinely one of the best retirement savings systems in the world for accumulation
• HELP debt for further study: Permanent residents and citizens undertaking undergraduate, postgraduate, and VET courses at eligible Australian providers may access HELP loans - interest-free loans repaid through the tax system. No upfront payment required for eligible courses at eligible providers
• Access to the full Australian investment universe: As an Australian tax resident, you can invest in all ASX-listed ETFs, managed funds, and investment properties on the same basis as Australian-born investors - there are no investment restrictions based on migrant status
• Use the tax system from day one: Australia's progressive tax system with the $18,200 threshold, franking credits, CGT discounts, and super tax concessions rewards informed participation. Engaging an accountant for your first Australian tax return ensures you understand what you are entitled to
• Community financial literacy resources: The ATO's Tax Help program, MoneySmart (ASIC's free financial literacy site), and community legal centres all provide free assistance in multiple languages. Many state governments also provide specific migrant financial literacy programs - particularly for recent arrivals from underbanked regions
• Australian superannuation and overseas pension coordination: If you are entitled to a pension from your home country (UK State Pension, Irish pension, etc.), Centrelink Age Pension means testing applies the income test to foreign pensions received. This requires specific planning in the years approaching Australian retirement age

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