Financial Checklist for Indian Migrants Moving to Australia
Moving from India to Australia involves more than packing bags — the financial decisions you make in the weeks before and after arrival can save or cost you tens of thousands of dollars. This checklist covers every key money task: converting your Indian accounts to NRI status, planning remittances under RBI’s LRS rules, opening an Australian bank account before you land, getting your TFN and Medicare sorted on arrival, and understanding how India’s DTAA agreement protects you from being taxed twice.
Most guides aimed at “new migrants in Australia” are written for a generic audience — British backpackers, American expats, New Zealanders on a SCV. None of that covers what actually matters if you’re coming from India: converting resident bank accounts to NRE/NRO status, navigating RBI’s Liberalised Remittance Scheme, understanding the India–Australia Double Tax Avoidance Agreement (DTAA), or deciding what to do with PPF, EPF and LIC policies you’re leaving behind. This checklist exists because Indian migrants face a distinct set of financial decisions on both sides of the move, and getting them wrong is expensive and hard to unwind once you’ve left India.
What this checklist covers
The 60+ tasks below are grouped into two phases and eleven categories:
- Pre-arrival (before you leave India): wrapping up Indian bank accounts and investments, planning your money transfer, gathering financial documents, opening an Australian bank account remotely, and understanding your tax obligations before departure.
- Post-arrival (once you land): first-week urgent tasks like your TFN and Medicare, building your Australian banking ecosystem, choosing a superannuation fund, ongoing ATO tax obligations, insurance, and medium-term goals like buying property or investing.
How to use it
Use the filters below to personalise the list to your visa type (skilled, student, employer-sponsored, family, or temporary), your family situation, and where you currently are in the migration journey — still planning, visa approved, just arrived, or settling in. Every task on this page is always visible and readable; the filters simply help you focus on what’s relevant to you right now. Tick tasks off as you complete them and your progress is saved automatically in your browser.
For deeper detail on specific topics, see our Wise Australia review for cheaper INR-to-AUD transfers, our OzInsurance guide for health and income protection cover, and our OzMoney 101 hub for banking, tax, and superannuation basics.
This page is general information only, not financial, tax, or legal advice. Always confirm current thresholds, caps, and rates with the ATO, RBI, or a licensed adviser before acting — figures such as TCS rates, super contribution caps, and visa income thresholds change from year to year.
🎯 Personalise your checklist
Pre-Arrival Tasks (before you leave India)
Wrap Up Your Indian Finances — bank accounts, investments & liabilities
0 / 7Convert your savings account to NRE / NRO account
Once you become an NRI you are legally required under FEMA to convert your resident accounts. NRE accounts are fully tax-free in India and freely repatriable. NRO accounts are for income earned in India — rent, dividends, pension.
Update KYC to NRI status at all your Indian banks
Visit branches or use net banking before departure to update your residential status. Failing to do so can result in account freezes once you leave India permanently.
Decide what to do with your mutual funds & Demat / stocks
NRIs can retain Indian investments but some mutual funds require NRE/NRO re-linking and FATCA compliance. Weigh capital gains tax implications before selling any holdings before departure.
Review PPF / EPF accounts — close or retain?
NRIs cannot open new PPF accounts but may retain existing ones until maturity. EPF can be withdrawn if leaving India permanently — have Form 19 ready before departure. Interest on NRI PPF is taxable in India.
Review LIC / insurance policies — surrender, paid-up, or continue?
Some Indian life insurance policies cannot be continued by NRIs. Compare surrender value versus converting to paid-up status. Note: your Indian health insurance will not cover you once you are in Australia.
Set up a registered Power of Attorney for a trusted person in India
Critical for managing Indian property, bank accounts, and legal matters remotely from Australia. Get it registered and notarised before departure — the process is far harder and more expensive once you are overseas.
Get Indian property documents digitised and organised
Scan title deeds, encumbrance certificates, and society NOCs. If renting out your Indian property, open a dedicated NRO account to receive rent — rental income from Indian property is taxable in India at the applicable slab rate.
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Plan Your Money Transfer to Australia — remittance, LRS & landing funds
0 / 5Use a specialist transfer service — not your bank — for INR to AUD
Wise, RemitBee, or InstaReM typically offer 2–4% better exchange rates than Indian banks. On ₹50 lakh that is a saving of ₹1–2 lakh. Always compare mid-market rates before each transfer. Read our Wise Australia review for details.
Understand RBI’s Liberalised Remittance Scheme (LRS) rules
Up to USD 250,000 per financial year is permitted under LRS. Tax Collected at Source (TCS) of 5% applies on remittances above ₹7 lakh per year. Plan your transfer timing annually to minimise TCS impact on your total transfer costs.
Arrive with at least AUD 3,000–5,000 accessible as cash or card funds
Covers your initial rent bond, groceries, SIM card, public transport, and unexpected costs while your Australian bank account is being activated and before your first pay arrives.
Prepare proof of financial capacity for student visa conditions
Student visa holders must show AUD 21,041+ for annual living costs plus tuition. Keep bank statements going back at least 3 months — immigration officers may request these at the border or any time after.
Check whether your Indian debit / credit card works internationally
Visa/Mastercard debit cards usually work overseas. Notify your bank of your travel dates. Note foreign transaction fees of typically 3.5%. RuPay has very limited acceptance outside India — do not rely on it abroad.
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Financial Documents to Carry and Digitise — identity, tax records & banking paperwork
0 / 5Scan and store all key documents in cloud storage
Passport, visa grant letter, birth certificates, marriage certificate, degree and qualification certificates, employment letters, last 3 years of Indian ITR, and 6 months of bank statements. Google Drive or iCloud both work reliably from Australia.
Bring your last 2–3 years of Indian Income Tax Returns (ITR)
Needed for Australian home loan applications, proof of income history, and some employer background checks. These documents are very difficult to retrieve once you are settled overseas, so carry both digital and paper copies.
Get your CIBIL credit report before leaving India
Your CIBIL score does not transfer to Australia — you start a fresh credit history here. Some Australian lenders may consider Indian banking history as a reference point. Useful to have on record when applying for your first home loan.
Carry original and notarised copies of all key certificates
Birth certificates, marriage certificate, degree and qualification certificates, and employment references. Get them notarised in India to avoid expensive apostille procedures from Australia, which can cost $150–300 per document.
Children’s birth certificates, school records, and vaccination proof
Required for school enrolment in Australia (free in public schools), Medicare registration, and Centrelink eligibility. Bring both originals and certified copies — schools require both.
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Open an Australian Bank Account Before You Arrive — Big 4 banks allow applications from India
0 / 3Apply for a CommBank, ANZ, NAB or Westpac account from India
Australia’s Big 4 banks allow pre-arrival online applications. Your BSB and account number is ready the day you land. Activate it in-branch with your passport within 6 weeks of arrival or the account may be closed automatically.
Research neobanks (Up Bank, ING, Ubank) for better rates and no fees
Up Bank is very popular with Indian migrants for its app and zero international transaction fees. ING reimburses ATM fees nationwide. Use a neobank as a secondary or savings account alongside your Big 4 everyday account.
Understand Australian account types: transaction, high-interest savings, and offset
Transaction accounts are for daily spending. High-interest savings accounts (HISA) earn 4–5%+ interest for your emergency fund and savings goals. Offset accounts are linked to a home loan to reduce the interest you pay — know which account you need before opening one.
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Understand Your India–Australia Tax Obligations — NRI status, DTAA & common first-year mistakes
0 / 4Understand the India–Australia Double Tax Avoidance Agreement (DTAA)
India and Australia have a DTAA treaty — you generally will not pay full tax twice on the same income. As an Australian tax resident you must still declare your Indian income here and claim DTAA credits to offset Indian tax already paid.
Know your Australian tax residency status from day one
Most permanent migrants are Australian tax residents from the day they arrive — meaning all worldwide income, including income from Indian property or investments, is taxable in Australia. Getting this classification wrong is expensive to correct.
Check if you are taxed as a foreign resident or an Australian resident
Temporary residents may be classified as foreign residents for tax — higher rates apply and there is no $18,200 tax-free threshold. Australian tax residents get the full threshold and lower marginal rates. Seek professional advice in your first tax year.
File your final Indian income tax return as an Indian resident on time
Your last ITR filed as an Indian resident is important for FEMA compliance and is needed by Australian lenders. Disclose any foreign assets held. Engage an NRI-specialist CA in India — the cost is modest but the compliance value is significant.
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Post-Arrival Tasks (once you land in Australia)
First Week — Urgent Tasks on Arrival — get your financial foundation right from day one
0 / 5Activate your pre-opened Australian bank account in-branch
Bring your passport and visa grant letter. Accounts must be activated within 6 weeks of arrival or they may be closed automatically. Get your debit card issued on the spot — it works immediately for purchases.
Apply for a Tax File Number (TFN) online at ATO.gov.au
Free to apply, takes about 10 minutes online, and arrives by post within 1–4 weeks. Give your TFN to your employer immediately. Without it, your employer is legally required to withhold tax at the top rate of 47% on all earnings.
Register for Medicare at a Services Australia office
Eligible for permanent residents and most family visa holders. Bilateral healthcare arrangements may apply for Indian government employees. Get your Medicare card sorted as early as possible — it covers GP visits, hospital treatment, and some specialist services.
Get an Australian SIM with a local mobile number
Optus, Telstra, Vodafone, or budget MVNOs (Circles.Life, Kogan, Boost) are all options. All Australian banks and financial institutions require SMS two-factor authentication to an Australian number — without one you cannot fully access your accounts online.
Register all family members with Services Australia
Your spouse and children each need their own TFNs. Check eligibility for Family Tax Benefit (FTB), Child Care Subsidy (CCS), and other Centrelink payments — eligibility depends on visa type and household income but can be worth thousands per year.
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Build Your Australian Banking Ecosystem — PayID, credit history, savings & budgeting
0 / 5Set up PayID linked to your mobile number or email
PayID enables instant bank-to-bank payments using just your phone number or email — no BSB needed. Essential for receiving salary, splitting bills, and marketplace transactions. Set it up in your bank app immediately after activation.
Open a high-interest savings account for your emergency fund
ING Savings Maximiser, Macquarie Savings, and Up Savers regularly offer 5%+ per annum. Build 3 months of living expenses here as your emergency fund before investing anywhere else. This buffer is especially important in your first year.
Apply for a starter credit card to begin building your Australian credit history
Your CIBIL score means nothing here — you start from zero. Apply for a low-limit card (ANZ First, CBA Low Rate, or Westpac Lite). Pay the full balance every month. This is essential groundwork for any future home loan application in Australia.
Set up direct debits for rent, utilities, and regular bills
Direct debits are standard in Australia. Set them up in your banking app. Missed or late payments are reported to credit bureaus — Equifax and Experian — and can damage your credit score quickly, making future borrowing harder.
Download a budgeting app and track all expenses for your first 3 months
Pocketbook, YNAB, or Frollo connect to your Australian bank and auto-categorise spending. Australian cost of living surprises most Indian migrants — groceries, rent, childcare, and utilities are significantly higher than in India. Knowing your real numbers early prevents financial stress.
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Superannuation — Your Australian Retirement Account — employer contributions at 11.5% — choose wisely
0 / 5Choose your own superannuation fund — do not let your employer default you
If you do not nominate a super fund, your employer assigns one for you. Research AustralianSuper, HostPlus, REST, or Spaceship for low fees and strong long-term performance. Compare on SuperRatings.com.au before your first pay arrives.
Consolidate multiple super accounts into one via myGov
Each new employer can create a new super account with its own fees and insurance premiums. Multiple accounts silently erode your balance over time. Consolidate via myGov or the ATO portal. Also check for any lost super the ATO may be holding.
Set up a binding death benefit nomination in your super fund
Superannuation does not automatically form part of your estate in Australia. Without a binding nomination, the fund trustee decides who receives your super balance — which may not be your family. Nominate your spouse or dependants immediately after joining your fund.
Understand the Departing Australia Superannuation Payment (DASP)
If you leave Australia permanently on a temporary visa, you can claim your accumulated super back through the DASP scheme. Tax on the withdrawal is 35–65% — high, but the balance is still worth claiming. Timing the claim correctly can reduce the tax impact.
Consider salary sacrifice for tax savings once you are earning above $90K
Voluntary pre-tax (concessional) super contributions are taxed at only 15% versus your marginal income tax rate of 32.5–47%. The concessional cap is $30,000 per year (2024–25). Particularly powerful at $90K+ income — discuss with a financial adviser.
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Australian Tax — Setup and Ongoing Obligations — ATO, myGov, deductions, Indian income & DTAA
0 / 6Create a myGov account and link it to the ATO
myGov is your central online portal for tax, Medicare, Centrelink, superannuation, and all government services. Link your TFN once it arrives in the post. This is where you lodge tax returns, check your super balance, and track any government payments.
Understand the Australian financial year: 1 July to 30 June
Tax returns are lodged after 30 June. The self-lodgement deadline is 31 October each year, or 15 May of the following year if you use a registered tax agent. Late lodgement penalties apply automatically — put these dates in your calendar now.
Track all work-related deductions from your very first day of work
Home office expenses, professional development courses, union fees, tools, uniforms, and professional subscriptions are all potentially deductible. Use the ATO app to photograph receipts immediately. You cannot claim what you cannot prove with a receipt or record.
Declare Indian income and foreign assets to the ATO
If you are an Australian tax resident, rental income from Indian property, Indian dividends, and Indian bank interest must all be declared in your Australian tax return. Claim DTAA credits to offset tax already paid in India. Non-disclosure is a serious legal offence under the Tax Administration Act.
Check your family’s eligibility for Centrelink payments and tax offsets
Family Tax Benefit A and B, Child Care Subsidy, and carer allowances are visa-dependent but collectively worth thousands of dollars annually. Use the Services Australia payment finder at servicesaustralia.gov.au to check what your household may be entitled to.
Engage a tax accountant with NRI and Indian migrant experience for your first two returns
Costs $200–400 per return but saves far more through proper DTAA credits, cross-border deductions, and correct residency classification. Ask for referrals in Indian community Facebook groups or the OzMoneyTalks community — the right accountant pays for themselves many times over.
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Insurance — Protect Yourself and Your Family — health, income protection, contents & Medicare Levy
0 / 4Get Overseas Student Health Cover (OSHC) or Overseas Visitor Health Cover (OVHC)
OSHC is mandatory for student visa holders. OVHC is required for most temporary visa holders. Compare Medibank, Bupa, NIB, and CBHS carefully — policies vary significantly in what specialist visits and hospital treatments are covered.
Consider private hospital cover to avoid the Medicare Levy Surcharge
If you earn above $93,000 as a single or $186,000 as a family, you pay a 1–1.5% Medicare Levy Surcharge without private hospital cover. Get it before 31 July of your first year to also avoid the Lifetime Health Cover Loading penalty of 2% per year over age 31.
Get contents insurance for your rental home
Your landlord’s building insurance covers the structure only — not your belongings. Budget Direct, NRMA, or Bingle offer affordable contents policies. Essential once you begin shipping goods from India or purchasing furniture in Australia.
Review income protection insurance if you are the primary or sole earner
Australia’s welfare system will not replace your full income if you cannot work due to illness or injury. Check first for default insurance already inside your super fund — it often includes some income protection cover. Top it up separately if your family depends entirely on your income.
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Settling In — Medium-Term Financial Goals — property, investing, estate planning & building wealth
0 / 6Research the First Home Owner Grant (FHOG) and stamp duty concessions
First home buyers can receive up to $10,000–$30,000 in grants, depending on the state or territory. Stamp duty exemptions and concessions also apply for eligible buyers. Check your state revenue office website — permanent residents are fully eligible on the same terms as Australian citizens.
Check the First Home Super Saver Scheme (FHSS) to build your deposit inside super
Save up to $50,000 ($15,000 per year) inside your superannuation at concessional tax rates, then withdraw the amount for your first home deposit. This strategy saves thousands in tax compared to saving the same amount in a regular bank account.
Understand FIRB rules if you are a temporary resident wanting to buy property
Temporary residents need Foreign Investment Review Board (FIRB) approval to purchase established residential property in Australia. Permanent residents generally do not. Penalties for non-compliant purchases are severe — both financial and criminal.
Open a low-cost brokerage account for Australian shares and ETFs
Pearler, Sharesies, or SelfWealth offer low-cost CHESS-sponsored accounts. Index ETFs — VAS for Australian shares, VGS for international shares, VDHG for a diversified all-in-one option — are popular with Indian migrants for simple long-term passive investing alongside super.
Get an Australian Will and Enduring Power of Attorney prepared
Your Indian Will is unlikely to be easily recognised in Australian courts. An Australian Will from a local solicitor costs $200–500 and is essential once you own property or have dependants living in Australia. Add an Enduring Power of Attorney at the same time.
Set up regular automated remittances to India for dependent parents
Use Wise or RemitBee for automated monthly transfers to India. Budget for this as a fixed, non-negotiable monthly expense in your Australian budget. Gifts to parents are not taxable as income in India. Track each transfer against your annual LRS limit to avoid TCS penalties.
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Frequently Asked Questions
What financial tasks must Indian migrants do before moving to Australia?
Before leaving India, convert your resident bank accounts to NRE or NRO accounts, update your KYC to NRI status, plan remittances under RBI’s LRS rules, set up a Power of Attorney for property management, and carry your last 2–3 years of Indian Income Tax Returns (ITR).
Do I need to pay tax in both India and Australia as an NRI?
India and Australia have a Double Tax Avoidance Agreement (DTAA). As an Australian tax resident you declare worldwide income, including Indian income, but you can claim credits for Indian tax already paid — so you generally don’t pay full tax twice on the same income.
How do I get a Tax File Number (TFN) in Australia?
Apply online at ATO.gov.au. It’s free and takes about 10 minutes. Your TFN arrives by post within 1–4 weeks. Without a TFN, your employer must withhold tax at the top rate of 47%.
What is superannuation and how does it work for Indian migrants?
Superannuation is Australia’s compulsory retirement savings system. Your employer contributes 11.5% of your salary to a super fund, and you can choose which fund to use. If you leave Australia permanently on a temporary visa, you can claim your super back through the DASP scheme, though tax of 35–65% applies.
Can I send money from India to Australia as an NRI?
Yes. Under RBI’s Liberalised Remittance Scheme (LRS) you can send up to USD 250,000 per financial year. TCS of 5% applies on transfers above ₹7 lakh per year. Specialist services like Wise or RemitBee typically offer better exchange rates than transferring through your bank.
Built for OzMoneyTalks.com — general information only, not financial, tax, or legal advice. Always consult a licensed financial adviser and registered tax agent for your personal situation.