This blog post is based on a transcript of an Ask Me Anything (AMA) session. If you prefer, you can watch the full video for more details.
This week’s topic is about understanding the sea of acronyms you’ll encounter in your first few days in Australia—things like EOFY, ATO, TFN, ABN, BPAY and more.
If you’re new here, you might find them a bit overwhelming at first, so this blog will walk you through them.
EOFY
Let’s start with EOFY (Some people even pronounce it “ee-off-ee.”), short for End of Financial Year. In Australia, the financial year ends on June 30th, and in the weeks leading up to it, you’ll see lots of EOFY sales.
Retailers run promotions so customers can make tax-deductible purchases before the year ends—especially businesses looking to claim expenses.
ATO
Next is the ATO, the Australian Taxation Office. This government body is responsible for collecting taxes and managing services like tax returns and business activity statements.
One of the first things you’ll need to do after arriving—especially if you plan to work—is apply for your TFN, or Tax File Number. You do this on the official ATO website.
There are scams out there that try to charge you for applying for a TFN. You should never pay for a TFN if you're on the legitimate ATO site. If you find a site asking for payment, it’s almost certainly a scam—and unfortunately, once the money’s gone, it’s usually not coming back.
TFN
As mentioned, your TFN is essential if you’re planning to work. It’s your personal reference number in the Australian tax system and helps ensure you’re taxed correctly.
You only need to apply once, and it stays with you for life—even if you change jobs, move cities, or switch visa types.
ABN & BAS
If you’re planning to run a business in Australia (or be a freelancer), you’ll need an ABN, or Australian Business Number. Larger or incorporated businesses may also need a CN—a Company Number.
And if you’re registered for GST (Goods and Services Tax), you’ll need to complete a BAS, or Business Activity Statement, every quarter. This is a report you submit to the ATO that outlines your income, expenses, and GST collected.
EFT, EFTPOS, ATM & BPAY
You’ll also come across some common payment terms in daily life:
EFT – Electronic Funds Transfer: A general term for transferring money electronically between bank accounts.
EFTPOS – “Electronic Funds Transfer at Point of Sale,” but Aussies pronounce it as one word: ef-pos. You’ll hear people say things like “Can I just EFTPOS it?”—meaning they want to tap their card, phone, or watch to pay.
ATM – Automated Teller Machine: Same as in most countries, where you withdraw cash.
BPAY – A uniquely Australian bill payment system. You’ll see a BPAY reference number at the bottom of bills for things like gas, water, or even rent. Use your internet banking to enter the BPAY code and pay the bill.
Final Thoughts
I hope this breakdown has helped you understand some of the key financial acronyms you’ll encounter as a newcomer in Australia.
If you have any questions, feel free to drop them in the comments or email us directly—we’re always happy to help.
And if you found this useful, please share it with others who might benefit. Helping each other navigate the Aussie system makes the transition smoother for everyone.
