Moving to and managing money in Australia

Temporary and permanent visas are purpose-specific. Many temporary visas expect you to hold adequate health insurance. The visa label matters more than the job title on the offer letter.

Tax residence does not follow the visa one for one. People who come and go, or who keep a home elsewhere, should not guess. Keep travel records.

Local banks ask for identification and, typically, a tax file number once you have one. You can often be paid without the tax file number, but more tax may be withheld until you provide it.

Tell banks and brokers in your home country that you are moving. Some will restrict or close accounts. You want that answer before you rely on the card.

Tax residents are generally taxed on worldwide income. Temporary residents can be treated differently for some foreign income. Which label applies to you is a question of fact, not of what the relocation agent hoped.

State taxes, including on property, sit beside federal income tax. The state you live in is part of the cost of the move.

Buying as a foreign person is regulated. The rules differ for temporary residents, permanent residents and people who do not live in Australia, and they have been revised. Confirm the current rule before you pay a holding deposit.

Stamp duty is a state matter and it is large enough to change what you can afford. Renting for the first year is a common way to learn the city.

Superannuation is the Australian retirement system. Employer contributions follow Australian rules. They do not automatically fit a pension you already have, and you may not be able to move the old pension in.

Foreign funds can be taxed in unwelcome ways once you are resident. Ask before you become resident, not at the first tax return.

Medicare eligibility depends on your visa and on whether a reciprocal arrangement applies to your nationality. Many newcomers need private cover from the day they arrive, and some visas require it.

Life and income cover written in another country may exclude Australia, or may become hard to claim. Read the territorial clause.

Working for an Australian employer, working remotely for a foreign employer, and running your own company are different for tax, superannuation and your visa conditions. The visa may not allow the arrangement you prefer.

A company formed in Australia still needs a bank, a tax registration and someone who is actually responsible for it.

The Australian dollar is the currency of daily life. If your savings are in sterling, euros or US dollars, decide how much to convert and when. You do not have to convert everything on the day you land.

Large transfers to buy a home or to fund the first months will be questioned. Bring the documents with the money.