Money Basics
Banking, tax, bills and free financial guidance you can trust.
What do I do now?
Money feels confusing? Start with these steps
- 1
Get a tax file number (TFN) if you do not have one — free, online, from the ATO.
- 2
Open an everyday bank account (most banks have fee-free options) and a separate savings account.
- 3
Learn the six words that unlock everything: TFN, PAYG, super, payslip, financial year, tax return.
- 4
Write one simple budget: money in, needs, wants, savings.
- 5
When something is hard — a bill, a debt — call the free National Debt Helpline on 1800 007 007 before borrowing.
Understand it first
1Tax file number (TFN)
Your TFN is a lifetime number from the Australian Taxation Office. You need it to work, and it keeps your tax organised — employers use it to take the right amount from your pay.
Applying is free and online. Never share it with anyone except employers, banks and the tax office.
What this means: You apply once, keep it forever, and give it only to people who pay you money.
2How tax works
Your employer takes tax out of every pay — that is PAYG (pay-as-you-go) withholding. It is not a fee; it is prepaying your yearly tax.
The financial year runs 1 July to 30 June. After it ends, you lodge a tax return — a summary of the year — between July and October. Most workers who lodge get money back, because PAYG usually takes slightly more than needed.
What this means: Tax return = the yearly check that balances the tax taken from your pay. Lodging is how many people get a refund.
3Understanding your payslip
Gross pay is before tax; net pay ("take-home") is what lands in your bank. The payslip also shows tax withheld, hours and superannuation.
Keep payslips — landlords and lenders ask for them when you apply for a rental or loan.
4Superannuation
Super is your retirement savings: employers pay about 12% of your earnings into a super fund, on top of your wage — nothing comes out of your pay.
You can choose your fund and combine old accounts from previous jobs into one, which saves fees. Check your super anytime through myGov.
5Bank accounts
An everyday (transaction) account has a linked debit card for daily spending. A savings account pays interest on money you do not touch.
Bring your passport and visa to open an account. Many banks offer accounts with no monthly fee — ask, or compare online.
6Budgeting
A budget is simply a plan written down: money in, needs (rent, food, transport, bills), wants, and savings. Track every dollar for one month and you will see patterns.
A simple starting split: about half for needs, some for wants, some for savings — even $10 a week counts.
What this means: Budgets are not punishment — they are knowing where your money goes, so money stress becomes money facts.
7Rent and bills
Expect regular bills: electricity, gas, water usage, internet and phone. Some rentals include some bills — the lease says which.
Electricity and gas plans vary in price — comparing providers saves real money, and concessions exist for students, pensioners and low incomes.
8Common financial words
GST — the 10% tax included in prices of most goods. Financial year — 1 July to 30 June. Deduction — a work expense you claim to reduce tax. Refund — tax returned to you.
When a new word appears on a payslip or letter, ask Walaal to explain the letter or look the word up on Moneysmart — the government’s plain-language money website.
9Financial hardship — where to get free help
Free financial counsellors exist in every state (National Debt Helpline, 1800 007 007). They help with debt, bills and negotiating with companies — at no cost.
For essential appliances and furniture, the No Interest Loan Scheme (NILS) lends with zero interest and zero fees — the opposite of a payday loan. Emergency relief (food vouchers, help with bills) is findable via Ask Izzy.
What this means: Ask for help before you borrow. High-cost lenders solve today by creating a much worse tomorrow.
Quick start checklist
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Common questions
Walaal is not a financial adviser and does not give personal financial advice. For free guidance use Moneysmart, or ask a free financial counsellor (1800 007 007).