Banking, insurance and tax in the Northern Territory

Banking

All major Australian banks have branches in Darwin and Alice Springs. The branches are usually open from 9.30am to 4pm Monday to Thursday and 9.30am to 5pm Friday.

In the larger regional towns there is at least one major bank and other banking options.

Currency

Australian currency (AUD) is in dollars and cents:

  • 100 cents equals one dollar
  • notes come in $100, $50, $20, $10 and $5 denominations
  • coins come in $2, $1, 50c, 20c, 10c and 5c denominations.

Under Australian law bills are rounded up or down to the nearest 5 cents. So $19.97 becomes $19.95 and $19.98 becomes $20.

Overseas currency and travellers cheques may be exchanged at most banks and foreign currency exchanges. Some large hotels will exchange major currencies.

Insurance

Most major Australian insurance companies operate in the Northern Territory. They provide cover for all usual needs and special cover for unique local needs such as flood and cyclone damage.

Australian and Northern Territory taxation

All Australian taxation laws apply in the Northern Territory (NT).

All workers in Australia must have a Tax File Number. The Australian Taxation Office oversees all tax matters.

The NT supports an efficient environment for businesses. Initiatives in the NT include:

  • no land taxes - excluding council rates
  • one of Australia’s highest payroll tax thresholds
  • fast-tracked business operation approvals
  • Australia’s lowest developer contributions fees
  • defined planning and environmental processes
  • no fire service levy.

For more information about taxes and duties go to the Department of Treasury and Finance website