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In Australia, Banking and Finance are top of people's agenda at least once a year because they have to file a tax return. In fact everyone who is of employable age has to complete a tax return. You must obtain a tax file number and we would recommend getting a good accountant who can organise this and also complete your tax return for you. When setting up a bank account you can set it up before you leave, but the chances are you will not be able to activate it until you arrive. Some Australian Banks have branches outside of Australia, but you may still need to open an Australian account when you arrive and transfer funds. Keep open a bank account in your home country with some money in it. It is always handy for completing final bill payments, especially if you have internet banking. Most banks in Australia charge for their services, check out these charges first before opening an account. Some make a standing monthly fee of about $15 where you can make as many withdrawals or deposits as you want, others will offer as long as you have a predetermined amount in your account and don't go below that you can have a set number of transactions without charge. The key is to gather all the information and pick the right one for you. Cheques are very much a thing of the past in Australia. Transactions are carried out by either credit, debit or account transfer. Cheques tend to cost money so try and keep away from accounts which give you a cheque book. Your current account is usually your savings account, the idea being that you try to save a certain amount in it permanently and you also get paid interest. If you have a company or private pension it is worth moving it within the first six months of moving to Australia. There is usually less to pay on transferring fees. Seek professional advice through our excellent financial planners and find out what is the best situation for you. Income tax is higher than that of the UK and at about 30% for average earnings. Now this may seem excessive, but remember the cost of living is lower than UK and taxation of goods and fuel is considerably lower in Australia. Also with good tax advice you can probably look at increasing the dollars in your hand.
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