Workforce Payments Guide Australia
Last updated: Feb 05, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
Delivery Timeline
| Currency | Route | Delivery Time | Cut off Time |
|---|---|---|---|
| AUD | SWIFT | T | 01:30:00 |
| AUD | LOCAL | T+1 | 06:00:00 |
| AUD | LOCAL | T | 08:30:00 |
Supported Payment Types
Payments Coverage
Salary payments, authorities payments, contractor payments
3rd Party Payments
| Topic | Frequency | Due Date | Payment Method |
| Tax | Annually | 31 October | Electronically via Business Activity Statement (BAS) or Instalment Activity Statement |
| Superannuation | Quarterly | 28 January, 28 April, 28 July, 28 October | Electronically via Super Clearing House |
| PAYG | Quarterly | 28 October, 28 February, 28 April, 28 July | Electronically via Business Activity Statement (BAS) or Instalment Activity Statement |
| GST | Monthly/Quarterly/Annually | Monthly: 21st of the following month
Quarterly: 28 October, 28 February, 28 April, 28 July Annually: 31 October7 |
Electronically via Business Activity Statement (BAS) or Instalment Activity Statement. |
Contractor Payments
Papaya Global supports payments to contractors in Australia. The payout currency may vary based on the receiver bank account setup when receiving foreign currencies. It is advised for contractors to reach out to their bank to confirm how foreign currencies are handled
Bank Requirements
SWIFT/BIC
A SWIFT/BIC code an 8 to 11 character code which is an essential identifier used in international banking to specify the country, city, bank, and branch of a bank account.
| Example | ABCDAU33123 |
| Bank code | ABCD |
| Country code | AU |
| Location code | 33 |
| Branch code | 123 |
Find a SWIFT code
Just fill in the country and account details below.
Check a SWIFT code
Enter a SWIFT/BIC to check it's correct and to find out which bank it belongs to.
BSB
“BSB” stands for “bank state branch.” BSB codes identify particular banks as well as specific bank branches in various Australian states.
| Example | AAB-CCC |
| Bank code | AA |
| State code | B |
| Branch code | CCC |
Payroll Payment Frequency
Employees in Australia are employed on contracts that stipulate the pay cycle, and although there are part-time, casual, and independent contractor pay types with set pay cycles, the most common are:
Monthly payroll (with payment due by the last day of the month)
Bi-weekly payroll (with payments due every second week on a set day, usually mid-week, Wednesday, or Thursday)
Bi-monthly payroll (with payment due on the 15th and the 30th, respectively)
KYC
The Know Your Customer (KYC) process in Australia involves identifying customers and verifying their details in compliance with laws and regulations, specifically the Australian Anti-Money Laundering and Counter-Terrorism Financing Act. This process is executed to ensure the financial system is not misused for criminal activities.
The KYC process includes fully identifying a customer before providing them with services. This can include: full name, other names (if any), date of birth, residential address, occupation, source of wealth, and citizenship information.
Business banking customers need to confirm their business name and entity details, business address, and industry information. Documents used to verify identity must not be expired, and utility bills used for address verification must be issued within the last three months. Certified documents must include specific information and meet certain criteria.
The Australian Transaction Reports and Analysis Centre (Austrac) has also introduced requirements for financial institutions to assess their customers’ risk profiles, develop a tailored approach to managing that risk, and monitor customers’ transactions on an ongoing basis.
The use of AI-powered verification solutions is also mentioned, allowing for the verification of government-issued identity documents. Other options for KYC checks include the Document Verification Service (DVS) provided by the Office of the Information Commissioner (OAIC) and its partners. Banks may also be required to collect and check information about the foreign tax residency of relevant account holders. If customers do not confirm their details, access to digital banking and potentially the account/s may be restricted.
Banking Regulations
There are several regulations and initiatives in Australia that impact cross-border workforce payments:
Payments System Regulation and Policy Issues: The Reserve Bank of Australia (RBA) has undertaken regulatory and policy work on retail payment systems. A key focus area has been the completion of the review of retail payments regulation, which supports the shift towards digital payments.
The review also focused on measures to support and promote the ongoing availability of least-cost routing (LCR), which is the ability of merchants to choose which debit network processes certain debit card transactions.
Harmonised ISO 20022 Data Requirements: The RBA has welcomed the publication of harmonised ISO 20022 data requirements for cross-border payments by the Bank for International Settlements’ Committee on Payment and Market Infrastructures. The RBA believes that global adoption of these requirements will help to reduce inefficiencies in the processing of cross-border payments.
Cross-border Provisions: Safe Work Australia mentions cross-border provisions that provide coverage for workers who travel to or work temporarily in different jurisdictions.
Principles for Cross-border Financial Regulation: The Australian Securities and Investments Commission (ASIC) has outlined principles for cross-border financial regulation. It explains ASIC’s role in regulating financial facilities, services, and products across borders.
International Banks
| Bank Name | Bank Code |
|---|---|
| JP Morgan Chase Bank | 21 |
| BNP Paribas | 22 |
| Bank of America | 23 |
| Citibank & Citibank NA | 24 & 510 |
| MUFG Bank | 29 |
| HSBC Bank Australia | 34 and 985 |
| Bank of China | 35 and 980 |
| Deutsche Bank | 41 |
| OCBC Bank | 45 |
| Advance Bank (division of Westpac Bank) | 46 |
| Challenge Bank (division of Westpac Bank) | 47 |
| Arab Bank Australia | 48 |
| ING Bank | 49 |
| Rabobank | 50 |
| Standard Chartered Bank | 51 |
| Sumitomo Mitsui Banking Corporation | 52 |
| UBS AG | 53 |
| Wells Fargo | 54 |
Local Banks
| Bank Name | Bank Code |
|---|---|
| ANZ (Australia and New Zealand Banking Group) | 01 |
| Westpac Banking Corporation | 03 or 73 |
| Commonwealth Bank of Australia | 06 or 76 |
| National Australia Bank | 08 or 78 |
| BankSA (division of Westpac Bank) | 10 |
| St George Bank (division of Westpac Bank) | 11 and 33 |
| Bank of Queensland | 12 |
| Macquarie Bank | 18 |
| Bank of Melbourne (division of Westpac Bank) | 19 and 55 |
| Bankwest (division of Commonwealth Bank) | 30 |
| Suncorp-Metway | 48 or 664 |
| Community First Credit Union | 512 |
| RACQ Bank | 514 |
| Volt Bank | 517 |
| Bananacoast Community Credit Union | 533 |
| AMP Bank | 56 |
| Australian Military Bank | 57 |
| Australian Mutual Bank | 58 |
| Australian Unity Bank | 59 |
| Auswide Bank | 60 |
| Avenue Bank | 61 |
| Bank Australia | 62 |
| BankFirst | 63 |
| BankVic | 64 |
| Bendigo and Adelaide Bank | 65 |
| Beyond Bank Australia | 66 |
| Challenger Bank | 67 |
| Gateway Bank | 68 |
| G&C Mutual Bank | 69 |
| Greater Bank | 70 |
| Heritage Bank | 71 |
| Hume Bank | 72 |
| IMB Bank | 73 |
| IN1Bank | 74 |
| ME Bank | 75 |
| MyState Bank | 76 |
| Newcastle Permanent Building Society | 77 |
| P&N Bank | 78 |
| People’s Choice Credit Union | 79 |
| Police Bank | 80 |
| Qudos Bank | 81 |
| Queensland Country Bank | 82 |
| Regional Australia Bank | 83 |
| SWS Bank | 84 |
| Summerland Credit Union | 85 |
| Teachers Mutual Bank | 86 |
| UniBank | 87 |
Payment Methods
The B2C payment tools available in Australia include: MasterCard, VISA, American Express, PayPal, ZIP, POLi, Google Pay, BPAY, Apple Pay, Shopify, BigCommerce, Wix Ecommerce, Squarespace, Square, WooCommerce, and Sellfy.
Cryptocurrency
Cryptocurrency is acceptable in Australia and is subject to various regulations:
Crypto-assets: The Australian Securities and Investments Commission (ASIC) provides guidelines for businesses involved with crypto-assets such as cryptocurrency, tokens, or stablecoins. It covers obligations under the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001.
Digital Currency Exchange Providers: New laws have been implemented by AUSTRAC, Australia’s financial intelligence agency and anti-money laundering and counter-terrorism financing (AML/CTF) regulator, for digital currency exchange (DCE) providers operating in Australia. These laws cover the regulation of service providers of cryptocurrencies including bitcoin.
Regulating Digital Asset Platforms: The Australian Treasury has proposed a regulatory framework for digital asset platforms that present similar risks to entities that operate in the traditional financial system.
Digital Currency (Cryptocurrency): Businesses that exchange digital currencies must enroll and register with AUSTRAC.
Questions & Answers