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Finance Hacks

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Opening a bank account

70 Points

Birth Certificate
Passport
Citizenship Certificate

40 Points

Any documentation in which your name and address appears on, this includes:

  • Drivers License ( full / probationary / learner )
  • Working with Children’s Card
  • Centrelink or Social Security Card

25 Points

To make up the full 100 points within the secondary documents category you can add:

  • Car Registration
  • Utility Bill
  • Rental Bill
  • Bank statement

Examples of 100 points

Driver’s license 40 points

+

Passport 70 points

=

110 Well over but sufficient

Medicare 25 points

+

Passport 70 points

+

Phone Bill 25 points

=

120 Well over but sufficient

Banks

A day to-day bank account is often called an ‘Everyday transaction account’ (This is the account you would use to do your everyday banking and withdrawing cash from ATMS or make payments in retail outlets via EFTPOS debit card (also known as a ‘Keycard’)

If you’re not careful, you can rack up quite a few bank fees in Australia.

Most banks charge a variety of fees, so before opening an account you should always be aware of what charges you might have to pay. The most common types of fees:

  • Account-keeping fees
  • Transaction fees
  • Overdrawn account fees

If you can get a certain number of free transactions per month, try not to exceed this limit.

  • Withdraw cash in larger amounts to reduce the number of times you ATMS
  • Ensure you can maintain the required minimum balance, so you don’t have to pay overdraft fees
  • Use ‘self service options’ like online or phone banking where possible, if you use debit card to pay by EFTPOS in a supermarket, ask if you can get cash out at the same time. This will in turn count as ONE transaction.

My Gov

(my.gov.au)

One place to update your details with government departments:

Australian JobSearch
Australian Taxation Office (ATO)
Centrelink
Medicare

Which services can I access?

Australian JobSearch
Australian Taxation Office (ATO)
Centrelink
Child Support
Medicare
My health Record
National Disability Insurance Scheme

Taxes

The ATO will mail your TFN to the postal address on your application.

You can also apply in person at a DHS (Centrelink) or DVA office completing the paper from Tax file number – application or enquiry for individuals (NAT 1432)

You can get a copy of this form by: ordering online at www.ato.gov.au

  • Apply for a tax file number (TFN) online and verify your identity at Australian Post
  • Your TFN is your own personal reference number in the tax and super systems
  • Your TFN can be an equally significant part of your own tax and super records in addition to your own identity, so keep it secure.
  • You don’t need to possess a TFN, but without one you will pay more taxation. Additionally you won’t have the ability to apply for federal benefits, pay off your tax return electronically or get an Australian Business Number (ABN)
  • If you don’t have a TFN, your employer will have to take more tax from your pay and your bank will take out tax from any interest you earn!
  • You’ll need to provide 100 points again:
    1 Primary and the rest secondary
Super

Superannuation

Superannuation in Australia are the arrangements put in place by governments of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire.

Superannuation (or ‘Super’) is a compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement needs in retirement. Your super is invested in a range of assets to help grow your balance so you can have the best possible retirement outcome.

Calculations are based on the minimum amount of Super your employer must pay on your behalf, known as the “Superannuation Guarantee Contribution” (SGC). The Super Guarantee Contribution rate is currently equal to 9.5% of your ordinary time earnings,

  • Fees: The lower the better
  • Investment options: Make sure there are options that suit your needs and comfort with risk
  • Extra benefits: Your employer may pay more then 9.5% for certain super funds or if you make extra contributions yourself
  • Performance: Pick a fund that has performed well over the last 5 years – do not chase last year’s best performer
  • Insurance: See what cover is available and what it will cost
  • Service: Call the fund or browse their website to see what other services they offer

Debt

Borrowing

$10,000 Car

5% = 188.71 x 12 months x 5 years = $11,322.60
6% = $193.33 x 12 months x 5 years = $11,599.80
11% = $217.42 x 12 months x 5 years = $13,045.20

Saving

$2 a day
$60 a month
$730 a year
$3,650 after 5 years

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