As a global mobility manager, you’re responsible not just for getting employees to their new destination, but also for helping them land smoothly. In Australia, navigating the basics of financial life can be surprisingly acronym-heavy, from TFNs and ABNs to BPAY and EOFY.
For your employees, unfamiliarity with these terms can cause confusion, delays in onboarding, and even leave them vulnerable to scams.
This quick guide will help you understand what to flag for your relocating staff, so they can make the right start in Australia.
EOFY
Australia’s financial year ends on June 30th. In the lead-up, your employees will encounter EOFY sales everywhere—from tech and office supplies to home goods. It’s not just marketing hype; EOFY is a key time for small businesses and contractors to make tax-deductible purchases.
Why it matters:
If your employee is arriving around this time, they might be encouraged to spend without understanding the tax implications. Let them know EOFY = End of Financial Year, and it’s Australia’s equivalent of a fiscal clean-up season.
ATO
The ATO is the Australian Taxation Office, the national body overseeing income tax, business tax, and superannuation.
Why it matters:
New arrivals must register with the ATO to obtain a TFN (Tax File Number), especially if they’re starting work. Without it, they may be taxed at the highest rate or have trouble getting paid correctly.
TFN
The TFN is a must-have for every working resident. It’s used by employers, banks, and the government to track tax and superannuation contributions.
Key warning for employees:
There are scam websites posing as TFN application services. If your employee is asked to pay for a TFN, they’re not on the official ATO site. Applications through www.ato.gov.au are free.
Why you should tell them:
Preventing delays (or financial loss) by guiding them to the official ATO process could save hours of stress and administrative follow-up.
ABN, CN & BAS
If your relocating employee plans to freelance, consult, or run a business on the side, they’ll need an ABN (Australian Business Number). Registered businesses also deal with BAS (Business Activity Statement) submissions quarterly to report GST and income. Companies require an ACN (Australian Company Number).
Why it matters:
If your talent includes entrepreneurial professionals, make sure they understand the difference between TFN and ABN—and what obligations come with each.
EFT, EFTPOS, ATM & BPAY
Your employees will also run into these in daily life, especially during their first grocery shop or bill payment:
EFT – Electronic Funds Transfer between bank accounts.
EFTPOS – Aussies pronounce it “ef-pos.” It’s the common tap-to-pay method in stores (cards, phones, watches).
ATM – Standard for cash withdrawal.
BPAY – A bill payment system using codes found on invoices (for rent, utilities, etc.). Payments are made via internet banking using these reference numbers.
Why you should brief them:
These terms come up right away—at cafés, supermarkets, real estate offices, and banks. Employees unfamiliar with them may feel lost, especially during early interactions in a new city.
Help Your Employees Make the Right Start
Making sure your relocating employees are familiar with Australia’s unique financial acronyms isn’t just a nice-to-have—it’s a key part of setting them up for smooth integration and early confidence.
By providing them with a quick primer on terms like TFN, BPAY, and EFTPOS, you:
Help them avoid costly scams
Ensure smoother onboarding with HR and payroll
Make day-to-day life less stressful during the transition
