Services Tax

Automated Teller Machines (ATMs). These machines usually require a fee if you are using an ATM of another bank, but most nationwide banks will have ATMs all around the country. Electronic Funds Transfer Point of Sale. Many stores, supermarkets, specialty shops, and restaurants have what are called Electronic Funds Transfer Point of Sale (EFTPOS) terminals. These terminals can help you to pay for your items and, in some cases, allow you to withdraw cash when you purchase your goods. The availability of cash is dependent on the merchant you are purchasing from. As you can see, the Australian banking system is rather simple to navigate and many of them have options available if you are an international student. Check all of your options out within six weeks of your arrival in the country, and you’ll be ready to go in almost no time. Goods and Services Tax The last thing you need to understand before coming to Australia is what is called the Goods and Services Tax, or the GST. The GST is a flat 10% tax that is applied throughout the country on all goods and services (exceptions include basic foods – fruit, milk, bread, vegetables). If you have visited the United States before, it is similar to sales tax, but it is not based on the state – 10% is the flat tax throughout the country. This tax is levied so that the country can have consistent income for any national spending that may be necessary. If you would like more information about the banking, GST, and/or currency in the country of Australia, check out the Australian Securities and Investments Commission webpage or any of the Australian Government websites about money and taxes. They will be able to answer any questions or concerns that you may have before arriving in the country. They can also help you learn your way around the Australian monetary system.