There is something for everyone in Australia. Every year millions of people arrive in Australia for work, travel, or education purposes. While every person has a different reason for relocating to Australia, all must ensure they have a few mandatory things after arrival.
Things like an Australian bank account number or Tax file number are vital to make you comfortable in this country. If you recently moved to Australia, this guide will tell you the 5 most vital tasks you must immediately perform.
6 Things To Ensure After Moving To Australia
Open A Bank Account
After relocating to Australia, head straightway to open a bank account. It is easier to open an account within 6 weeks of your arrival. Within this period, only your passport can suffice as proof of identity to open a bank account. However, if you delay more than 6 weeks, you might need to bring more documents, such as a birth certificate or driver’s license to establish your identity.
After opening a bank account, you can easily deposit, withdraw, or send money to any corner of the world hassle-free. Here are some reputed Australian banks to consider.
- Commonwealth Bank
- National Australian Bank
- Bank of Queensland
- Australia and New Zealand Banking Group (ANZ)
- Westpac Bank
Get A Tax File Number (TFN)
You might ponder over why I need a TFN. Try to understand it like this. Before you start working, Getting your Tax File Number issued is advisable. It is a unique identification number issued by the Australian Taxation Office (ATO) for tax purposes. In the absence of TFN, your employer may tax you a whopping 46.5%. Therefore, it is something you can not delay, as it has direct financial implications.
TFN is also mandatory to get several tax benefits and file annual tax returns. It also helps you to establish yourself as a responsible tax-paying citizen.
Buy A Home
Next, you can offer stability and security to your family by buying a house. Of course, buying a house isn’t everybody’s thing, as the housing market in the country is very competitive. However, buying has some plus points compared to renting a property. For example, your landlord can increase the rental costs or ask you to leave the property anytime. This could be such a hard time for your loved ones.
On the contrary, owning a house offers comfort and stability, and you have nothing to worry about either. Furthermore, if you are new to this country, you may have to familiarize yourself with the country’s 100-point check system. Many landlords and real estate agents use this system before renting a space to someone.
Enroll In Medicare And Buy A Health Insurance
It is crucial to understand Medicare, Australia’s public health care system. It ensures the citizens get subsidized treatment, medicine, and quality healthcare. However, more than 50% of Australians purchase private health insurance due to several limitations of the Medicare health system. For instance, Australian Unity private health insurance offers you complete peace of mind while dealing with various medical illnesses and treatments.
Perhaps medical care is expensive, especially for those working in the private sector. However, even hospitalization of any family member can burn a hole in the pocket and derail monthly finances. So, buying health insurance for yourself and your family members is equally important.
Get A Life Insurance
Today several life insurance policy options are available to help you deal with worst-case scenarios. It is an ideal solution and a must-have to provide financial security to your family.
You could face an unavoidable financial crisis. However, it is possible to mitigate emergencies by getting a life insurance coverage plan for yourself. So, plan to buy life insurance as soon as you move to Australia.
Apply For A Driver’s License
Either possession of a foreign driver’s license or an Australian driver’s license, but it is mandatory to have a valid driver’s license to drive in Australia. However, certain territories and states require their residents to apply for a local license once they have been there for a certain period which is, in most cases, 90 days.
The above-mentioned are the vital things you must have once you move to Australia and have been there for a certain period. It ensures a stable, secure, and safe life for you and your loved ones. With everything, you move ahead towards a better and brighter lifestyle in Australia. So, wait no more and start with these most basic yet the most crucial things when you move to Australia at the earliest.