All the major Australian banks, including the Commonwealth Bank of Australia (CBA), ANZ, National Australia Bank (NAB) and Westpac, have branches in Darwin and Alice Springs. The branches are generally open from 9.30 am to 4.00 pm Monday to Thursday and 9.30 am to 5.00 pm Friday. In the larger regional towns there is at least one major bank and several other banking options are also available.
Australian currency (AUD) is in dollars and cents; 100 cents equals one dollar. Notes come in $100, $50, $20, $10 and $5 denominations. Coins are available as $2, $1, 50c, 20c, 10c and 5c denominations. As there are no 1 or 2c, the law provides that the total bill is rounded up or down to the nearest 5 cents. So $19.97 becomes $19.95, $19.98 becomes $20. Overseas currency and travellers’ cheques may be exchanged at most banks and foreign currency exchanges. Some large hotels will also exchange major currencies.
Most major Australian insurance companies also operate in the Northern Territory, along with the home-grown Territory Insurance Office (TIO), and provide cover for all usual needs, and special cover for unique local needs such as flood and cyclone damage.
Australian taxation laws apply in the Northern Territory so residents are subject to requirements relating to income tax, Goods and Services Tax (GST) and other general taxes.
All workers in Australia require a Tax File Number. The Australian Taxation Office oversees all tax matters.
The Territory supports an efficient environment for businesses, by offering Australia’s lowest tax environment for small to medium businesses. Initiatives include:
- no land taxes (excluding council rates)
- one of the highest payroll tax thresholds in the country
- fast-tracked business operation approvals
- Australia’s lowest developer contributions fees
- defined planning and environmental processes
- no fire service levy.
Go to the Department of Treasury and Finance website for more information on the taxes and duties you can expect to pay here.