# Study costs & money in Australia

> Tuition, living-cost context, banking, taxes and practical money guidance for students planning to study in Australia.

Source of record: https://versityspot.com/study-abroad/australia/costs
Confirmation: 26 of 26 sections confirmed against their official source (last 2026-08-08).

## Bank Accounts

Many Australian banks let international students start an account application before arrival and complete identity checks after landing. A local account makes rent, wages and everyday transfers easier.

If you work, apply for a Tax File Number (TFN) through the Australian Taxation Office after arriving. A TFN is free. Giving the correct TFN declaration to your employer helps ensure tax is withheld under the rules that apply to you rather than the higher no-TFN withholding rules.

Employers may also have superannuation obligations. If you later leave Australia permanently and meet the conditions, you may be able to claim a Departing Australia Superannuation Payment; tax applies to that payment.

Card and phone payments are widespread, and PayID/Osko are commonly used for fast bank transfers.

*Source: https://www.ato.gov.au/*

## Taxes

Your Australian tax position is separate from your immigration status. International students may be Australian residents for tax purposes depending on their circumstances, but residency is assessed under tax rules rather than assumed from the visa alone.

If you work, tax may be withheld from your pay. Australia’s financial year ends on 30 June, and people who are required to lodge a return generally do so after the end of the financial year. Whether you receive a refund depends on your income, residency status, withholding and deductions.

Apply for a Tax File Number (TFN) through the Australian Taxation Office and give your employer the appropriate TFN declaration. Do not rely on a single headline withholding percentage because the no-TFN and non-resident rules can differ by circumstance.

Australian workplace minimums and award rates apply to eligible workers regardless of nationality. If you are underpaid or pressured to breach visa conditions, the Fair Work Ombudsman provides official information and assistance.

*Source: https://www.ato.gov.au/*

## Common questions

### What should international students know about banking in Australia?

A local account is useful from day one. Apply for a Tax File Number after arrival before you start work.

### What should international students know about taxes in Australia?

Australian tax treatment depends on your tax residency and income, not simply your visa label. Get a TFN and lodge any return you are required to file.