82% of Australians care about financial security. But 57% don't know where to start.
If you're reading this, you're in the 82%. This checklist will make sure you're not in the 57%.
This is your complete, step-by-step guide to securing your finances and identity in Australia. We've broken it down into 10 categories, ranked by priority, with specific actions you can take today.
No jargon. No technical expertise required. Just clear, actionable steps.
How to Use This Checklist
Priority Levels
Each section has a priority level:
- 🔴 Critical - Do this first (1-3 hours)
- 🟡 High - Do this within a week
- 🟢 Medium - Do this within a month
- 🔵 Low - Nice to have, do when you can
Time Estimates
Each task shows approximately how long it takes:
- ⏱️ 5 min
- ⏱️ 15 min
- ⏱️ 30 min
- ⏱️ 1 hour
Your Progress
Print this checklist and check off items as you complete them. You don't need to do everything in one day—even completing the "Critical" items puts you ahead of 90% of Australians.
Table of Contents
- Emergency Fund & Cash Reserves 🔴
- Password Security 🔴
- myGov & Government Accounts 🔴
- Bank Account Security 🟡
- Credit File Protection 🟡
- Superannuation Security 🟡
- Medicare & Health Privacy 🟢
- Identity Document Protection 🟢
- Digital Asset Security 🔵
- Estate Planning & Family Access 🔵
1. Emergency Fund & Cash Reserves 🔴 CRITICAL
Why this matters: Financial security starts with having money set aside for emergencies. Without an emergency fund, a car breakdown or medical bill can spiral into debt.
Goal: $1,000 minimum → 3 months expenses → 6 months expenses
Immediate Actions
-
[ ] Open a dedicated savings account ⏱️ 15 min
- Separate from your everyday account
- Use a high-interest savings account (compare at Canstar or RateCity)
- Name it "Emergency Fund" so you don't accidentally spend it
-
[ ] Save $1,000 as fast as possible ⏱️ Ongoing
- This covers most minor emergencies
- Aim to reach this within 30-60 days if possible
- Cut non-essential spending temporarily
-
[ ] Set up automatic transfers ⏱️ 5 min
- Transfer $50-$200 per payday (whatever you can afford)
- Set it to transfer the day after payday
- Automate it so you don't forget
Longer-Term Goals
-
[ ] Build to 3 months of expenses ⏱️ 6-12 months
- Calculate your monthly expenses (rent, food, bills)
- Multiply by 3
- This covers job loss, medical leave, major repairs
-
[ ] Aim for 6 months of expenses ⏱️ 12-24 months
- Ultimate goal for complete security
- Covers extended job loss or serious illness
- Reduces financial stress significantly
Resources:
2. Password Security 🔴 CRITICAL
Why this matters: Weak passwords are the #1 way hackers access your accounts. One compromised password can lead to identity theft, drained bank accounts, and years of recovery.
Goal: Unique, strong passwords for every account + two-factor authentication
Immediate Actions
-
[ ] Install a password manager ⏱️ 15 min
- Recommended: Bitwarden (free), 1Password (AU$5.49/month)
- Generates strong, unique passwords for every site
- Stores them securely (you only remember one master password)
-
[ ] Change your most critical passwords ⏱️ 30 min
- Email (Gmail, Outlook, etc.)
- Banking apps
- myGov
- Phone/laptop unlock
-
[ ] Enable 2FA on critical accounts ⏱️ 30 min
- Email (prevents account takeover)
- myGov (protects tax, Medicare, Centrelink)
- Banking apps (prevents unauthorized transfers)
- Use an authenticator app (Microsoft Authenticator, Google Authenticator)
Password Manager Setup
-
[ ] Move all passwords to password manager ⏱️ 2 hours
- Start with banking, email, government accounts
- Then move shopping, social media, utilities
- Delete passwords saved in Chrome/Safari
-
[ ] Generate new passwords for all accounts ⏱️ 1 hour
- Use your password manager's generator
- Minimum 16 characters
- Never reuse passwords
-
[ ] Secure your master password ⏱️ 15 min
- Make it 20+ characters
- Use a passphrase: "Kangaroos-Jump-Over-Sydney-7-Times!"
- Write it down and store it in a safe place (physically)
- Enable biometric unlock (fingerprint/face ID)
Two-Factor Authentication (2FA)
-
[ ] Set up 2FA on all supported accounts ⏱️ 1 hour
- Banking: CommBank, NAB, Westpac, ANZ, ING
- Email: Gmail, Outlook, iCloud
- myGov
- Social media: Facebook, Instagram, LinkedIn
- Shopping: Amazon, PayPal, eBay
-
[ ] Use authenticator apps, not SMS ⏱️ 15 min
- SMS can be intercepted (SIM swapping)
- Authenticator apps are more secure
- Recommended: Microsoft Authenticator, Authy
-
[ ] Save backup codes ⏱️ 10 min
- Most services give you backup codes when you enable 2FA
- Save them in your password manager
- Print a copy and store it safely
Resources:
3. myGov & Government Accounts 🔴 CRITICAL
Why this matters: myGov links to ATO, Medicare, Centrelink, and more. If someone hacks your myGov, they can:
- Lodge fake tax returns and steal refunds
- Change Medicare/Centrelink details
- Access your sensitive health and financial data
Goal: Locked-down myGov with 2FA and regular monitoring
Immediate myGov Security
-
[ ] Change your myGov password ⏱️ 5 min
- Go to my.gov.au
- Settings → Account security → Change password
- Use password manager to generate 16+ character password
-
[ ] Enable two-step verification ⏱️ 10 min
- Settings → Security → Manage two-step verification
- Use authenticator app (not SMS if possible)
- Save backup codes in password manager
-
[ ] Review linked services ⏱️ 5 min
- Make sure all linked services are legitimate (ATO, Medicare, Centrelink)
- Remove any you don't recognize
- Check "Link a service" history for suspicious activity
-
[ ] Set up email notifications ⏱️ 5 min
- Settings → Messages and notifications
- Enable email alerts for:
- New service linked
- Password changed
- Successful login from new device
ATO (Tax Office) Security
-
[ ] Check your ATO inbox ⏱️ 5 min
- myGov → ATO → Inbox
- Look for:
- Tax returns you didn't lodge
- Notices about changed details
- Correspondence about debts you don't owe
-
[ ] Review linked bank accounts ⏱️ 5 min
- myGov → ATO → Bank accounts
- Make sure your refund bank account is correct
- Remove old/unused accounts
-
[ ] Check for tax agent links ⏱️ 5 min
- myGov → ATO → Tax agents
- Make sure only your legitimate accountant is linked
- Remove anyone you don't recognize
-
[ ] Request ATO access code ⏱️ 10 min (if high risk)
- Call ATO: 13 28 61
- Request an "access code" for extra security
- Required for lodging tax returns (prevents fraud)
Medicare Security
-
[ ] Review Medicare claims ⏱️ 10 min
- myGov → Medicare → Claims history
- Look for:
- Services you didn't receive
- Providers you've never visited
- Prescriptions you didn't fill
-
[ ] Check Medicare card details ⏱️ 5 min
- myGov → Medicare → My details
- Verify address, phone, email are correct
- Update if anything is wrong
-
[ ] Review My Health Record privacy ⏱️ 15 min
- myGov → My Health Record
- Settings → Privacy and access controls
- Restrict who can view your health information
Centrelink Security (if applicable)
-
[ ] Review payment details ⏱️ 10 min
- myGov → Centrelink → Payment details
- Check bank account is correct
- Review payment history for anomalies
-
[ ] Check correspondence ⏱️ 5 min
- Inbox → Centrelink
- Look for notices about:
- Changed details
- New claims
- Debt notices you don't recognize
4. Bank Account Security 🟡 HIGH PRIORITY
Why this matters: Your bank account is the final target for scammers. Proper security prevents unauthorized transfers, fraudulent transactions, and drained savings.
Goal: Multi-layered security with alerts, limits, and monitoring
General Banking Security
-
[ ] Change your online banking password ⏱️ 5 min per bank
- Use password manager to generate unique password
- Minimum 16 characters
- Different from any other password
-
[ ] Enable biometric login ⏱️ 5 min
- Use fingerprint or Face ID
- Faster and more secure than password-only
-
[ ] Set up transaction alerts ⏱️ 10 min
- Enable push notifications for:
- All transactions over $50
- All BPAY payments
- All international transactions
- Card-not-present transactions
- Enable push notifications for:
-
[ ] Review linked devices ⏱️ 5 min
- Check which devices have access to your banking app
- Remove old phones, tablets you no longer use
Payment Limits
-
[ ] Set daily transfer limits ⏱️ 10 min
- Go to Settings → Limits (varies by bank)
- Set lower daily limits than the default
- Example: $2,000/day instead of $10,000/day
- You can temporarily increase if you need to make a large transfer
-
[ ] Set BPAY limits ⏱️ 5 min
- Separate limit for BPAY payments
- Recommended: $1,000/day
-
[ ] Disable international transactions ⏱️ 5 min
- Unless you travel frequently
- Settings → Card controls → International transactions (OFF)
- Enable temporarily when traveling
New Payee Security
-
[ ] Enable waiting periods for new payees ⏱️ 5 min
- Most banks allow 24-hour holds on first payment to new payees
- Gives you time to cancel if it's fraudulent
- Settings → Payments → New payee security
-
[ ] Review existing payees ⏱️ 10 min
- Delete payees you no longer use
- Check for any you don't recognize
- Fewer payees = less risk
Card Security
-
[ ] Lock your card when not in use ⏱️ 2 min
- Most banking apps let you "lock" your card
- Prevents unauthorized transactions
- Unlock it with one tap when you need to use it
-
[ ] Set up card alerts ⏱️ 5 min
- Push notification for every transaction
- Helps you catch fraud immediately
-
[ ] Disable tap-and-go above $200 ⏱️ 5 min (if available)
- Requires PIN for transactions over $200
- Reduces risk if card is stolen
Account Monitoring
-
[ ] Check accounts weekly ⏱️ 10 min
- Review all transactions
- Look for:
- Unfamiliar merchants
- Small test transactions (precursor to larger fraud)
- Subscriptions you don't recognize
-
[ ] Set up account balance notifications ⏱️ 5 min
- Alert when balance drops below a certain amount
- Example: "Alert me if savings balance goes below $5,000"
Bank-Specific Guides:
5. Credit File Protection 🟡 HIGH PRIORITY
Why this matters: Criminals use your identity to apply for credit cards, loans, and services in your name. Monitoring your credit file helps you catch fraud early.
Goal: Regular credit monitoring + fraud protection
Get Your Free Credit Report
-
[ ] Request free credit report from Equifax ⏱️ 10 min
- Go to equifax.com.au
- Sign up for free report (available every 3 months)
- Review for:
- Accounts you didn't open
- Credit applications you didn't make
- Incorrect personal information
-
[ ] Check Experian in 30 days ⏱️ 10 min
- Go to experian.com.au
- Get second free report
- Cross-check with Equifax report
-
[ ] Check illion in 60 days ⏱️ 10 min
- Go to illion.com.au
- Get third free report
- Rotate every 3 months for continuous monitoring
Credit File Security
-
[ ] Correct any errors on your credit file ⏱️ 30 min (if needed)
- Contact credit agency to dispute errors
- Provide evidence (bank statements, ID)
- Errors can hurt your credit score
-
[ ] Consider a credit ban ⏱️ 30 min (if high risk)
- Prevents anyone from accessing your credit file
- Useful after a data breach
- Contact all three agencies: Equifax (138 332), Experian (1300 783 684), illion (1300 734 806)
-
[ ] Set up credit monitoring ⏱️ 15 min
- Free options: Credit Savvy, ClearScore
- Paid options: Equifax Protect ($19.95/month)
- Get alerts when your credit file changes
Identity Protection
-
[ ] Register with IDCARE ⏱️ 10 min
- Free, government-funded identity theft support
- Call 1800 595 160 or visit idcare.org
- Useful if you're affected by a data breach
-
[ ] Freeze your credit with all three agencies ⏱️ 30 min (optional, high-security)
- Prevents new credit applications
- You must unfreeze temporarily if you want to apply for credit yourself
- Recommended if you've been a victim of identity theft
6. Superannuation Security 🟡 HIGH PRIORITY
Why this matters: Your super is your retirement savings—potentially hundreds of thousands of dollars. Fraud, unauthorized rollovers, and forgotten accounts can cost you significantly.
Goal: Consolidated, secure super with updated beneficiaries
Find All Your Super Accounts
-
[ ] Use ATO's SuperSeeker tool ⏱️ 10 min
- myGov → ATO → Super → Find my super
- Identifies all super accounts linked to your TFN
- You might have old accounts from previous jobs
-
[ ] Consolidate multiple accounts ⏱️ 30 min
- Multiple accounts = multiple fees
- Transfer old accounts into your current fund
- myGov → ATO → Super → Transfer super
- Warning: Check for exit fees or lost insurance before transferring
Secure Your Super Account
-
[ ] Set up online access ⏱️ 15 min
- Log in to your super fund's website/app
- Register if you haven't already
- Use password manager for strong password
-
[ ] Enable account alerts ⏱️ 5 min
- Settings → Notifications
- Get alerts for:
- Withdrawals
- Rollovers
- Changed beneficiaries
- Changed contact details
-
[ ] Review recent transactions ⏱️ 10 min
- Check for:
- Unauthorized withdrawals
- Rollovers you didn't authorize
- Contributions that don't match your payslips
- Check for:
Beneficiary Nominations
-
[ ] Update your beneficiaries ⏱️ 15 min
- Ensure spouse, children, or dependents are listed
- Consider binding vs. non-binding nomination
- Review every 3 years or after major life events (marriage, kids, divorce)
-
[ ] Understand nomination types ⏱️ 5 min
- Binding: Super fund MUST pay your beneficiaries (expires after 3 years)
- Non-binding: Super fund decides based on your wishes
- Reversionary: Goes to your spouse automatically
Insurance Within Super
-
[ ] Review your super insurance ⏱️ 30 min
- Check if you have:
- Life insurance
- Total & Permanent Disability (TPD)
- Income Protection
- Are the coverage amounts sufficient?
- Are the premiums eating into your balance?
- Check if you have:
-
[ ] Opt out of insurance you don't need ⏱️ 10 min
- If you're young and single, you might not need life insurance
- Premiums reduce your super balance
- Keep TPD and income protection if you rely on your income
Resources:
7. Medicare & Health Privacy 🟢 MEDIUM PRIORITY
Why this matters: Your medical records are extremely sensitive. Unauthorized access can lead to medical identity theft, insurance fraud, and privacy violations.
Goal: Private, secure health records with controlled access
Medicare Security
-
[ ] Check Medicare claims quarterly ⏱️ 10 min
- myGov → Medicare → Claims
- Look for:
- Services you didn't receive
- Providers you've never visited
- Prescriptions you didn't fill
-
[ ] Update Medicare contact details ⏱️ 5 min
- Ensure your address, phone, email are current
- Prevents missing important correspondence
My Health Record Privacy
-
[ ] Review who can access your My Health Record ⏱️ 15 min
- myGov → My Health Record → Privacy and access
- Set access controls:
- General practitioners
- Specialists
- Hospitals
- You can restrict access by provider
-
[ ] Hide sensitive health information ⏱️ 10 min
- Settings → Document access controls
- Hide specific documents from certain providers
- Example: Hide mental health records from your GP
-
[ ] Set up access notifications ⏱️ 5 min
- Settings → Notifications
- Get email when someone views your record
- Helps catch unauthorized access
Private Health Insurance
-
[ ] Review your health fund account ⏱️ 15 min
- Log in to your health insurer (Medibank, Bupa, HCF, etc.)
- Check for:
- Unauthorized claims
- Changed contact details
- Unfamiliar dependents added
-
[ ] Enable transaction alerts ⏱️ 5 min
- Get notifications for claims processed
- Helps catch fraudulent claims immediately
8. Identity Document Protection 🟢 MEDIUM PRIORITY
Why this matters: Driver's license, passport, and birth certificates are the gold standard for identity verification. If stolen, they can be used to open bank accounts, apply for credit, and impersonate you.
Goal: Secure storage + monitoring for misuse
Driver's License
-
[ ] Store license safely ⏱️ 5 min
- Don't carry it unnecessarily
- Take a photo of front/back and store in password manager
- Never email or text photos of your license
-
[ ] Check for fraudulent fines/demerit points ⏱️ 10 min (quarterly)
- Log in to your state's licensing authority
- Review:
- Traffic fines you don't recognize
- Demerit points for offenses you didn't commit
- NSW: Service NSW
- VIC: VicRoads
- QLD: TMR
-
[ ] Report lost/stolen license immediately ⏱️ 15 min (if applicable)
- Contact your state authority
- Request replacement with new number
- Report to police
Passport
-
[ ] Store passport securely ⏱️ 5 min
- Use a home safe or locked drawer
- Don't carry it unless traveling
- Take a photo and store in password manager
-
[ ] Check passport status ⏱️ 5 min (annually)
- Call DFAT: 131 232
- Ensure it hasn't been reported stolen or compromised
- Check expiry date (renew 6-12 months before expiry)
-
[ ] Report lost/stolen passport immediately ⏱️ 30 min (if applicable)
- Call DFAT: 131 232
- Report to police
- Apply for emergency passport if traveling soon
Birth Certificate
-
[ ] Store birth certificate securely ⏱️ 5 min
- Home safe or secure filing cabinet
- Order certified copies if needed (never give away original)
-
[ ] Order replacement if lost ⏱️ 30 min
- Contact your state registry of Births, Deaths, and Marriages
- Report original as lost
- Costs $30-$60 depending on state
Tax File Number (TFN)
-
[ ] Never carry your TFN ⏱️ Immediate
- Don't keep TFN letter in your wallet
- Memorize it or store it in password manager
- Only provide to legitimate organizations (employer, bank, ATO)
-
[ ] Monitor for TFN misuse ⏱️ 10 min (quarterly)
- myGov → ATO → Check for unauthorized tax returns
- Unexpected tax debt could indicate TFN fraud
9. Digital Asset Security 🔵 LOWER PRIORITY
Why this matters: Cryptocurrency, domain names, and digital assets are increasingly valuable—and harder to recover if stolen.
Goal: Secure, backed-up digital assets
Cryptocurrency (if applicable)
-
[ ] Use a hardware wallet ⏱️ 1 hour
- Recommended: Ledger Nano X, Trezor
- Stores crypto offline (unhackable remotely)
- Never leave large amounts on exchanges
-
[ ] Enable 2FA on all crypto exchanges ⏱️ 15 min
- Coinbase, Binance, Independent Reserve, Swyftx
- Use authenticator app (not SMS)
-
[ ] Back up wallet seed phrase ⏱️ 30 min
- Write down 12/24-word seed phrase
- Store in fireproof safe
- NEVER store digitally (no screenshots, no cloud storage)
- Consider metal backup (Cryptosteel)
Domain Names & Websites
-
[ ] Secure domain registrar account ⏱️ 10 min
- Change password (16+ characters)
- Enable 2FA
- Lock domain transfers (prevents hijacking)
-
[ ] Set up auto-renewal ⏱️ 5 min
- Prevents accidental expiry
- Update payment method annually
Social Media Accounts
-
[ ] Enable 2FA on all social media ⏱️ 20 min
- Facebook, Instagram, LinkedIn, Twitter/X
- Use authenticator app
-
[ ] Review connected apps ⏱️ 15 min
- Settings → Apps and websites (Facebook)
- Remove apps you no longer use
- Limits data exposure
10. Estate Planning & Family Access 🔵 LOWER PRIORITY
Why this matters: If something happens to you, your family needs access to your accounts, passwords, and financial information.
Goal: Organized, accessible information for trusted family/executor
Create a "Digital Will"
-
[ ] List all accounts and assets ⏱️ 1 hour
- Bank accounts (with BSB and account numbers)
- Super accounts
- Insurance policies
- Investment accounts
- Cryptocurrency wallets
- Domain names, websites
- Social media accounts
-
[ ] Store passwords securely ⏱️ 30 min
- Use password manager's "Emergency Access" feature
- 1Password: Family plan allows shared vaults
- Bitwarden: Emergency Access feature (free)
- Designate a trusted person who can request access
-
[ ] Create a physical document ⏱️ 1 hour
- List of accounts and where passwords are stored
- Key contacts (accountant, lawyer, financial advisor)
- Location of important documents
- Store in safe or with your lawyer
Legal Documents
-
[ ] Create a will ⏱️ 2-4 hours (with lawyer)
- Use a lawyer, not DIY templates (avoid probate issues)
- Costs: $300-$1,000 depending on complexity
- Update every 3-5 years or after major life events
-
[ ] Appoint Power of Attorney ⏱️ 2 hours (with lawyer)
- Financial power of attorney
- Medical power of attorney
- Takes effect if you become incapacitated
-
[ ] Store legal documents safely ⏱️ 15 min
- Fireproof safe at home
- Copy with your lawyer
- Tell executor/trusted person where to find them
Insurance Review
-
[ ] Review life insurance coverage ⏱️ 30 min
- Do you have enough to cover:
- Outstanding debts (mortgage, loans)
- Income replacement for dependents
- Funeral costs ($10,000-$15,000)
- Check super insurance + any standalone policies
- Do you have enough to cover:
-
[ ] Review TPD and income protection ⏱️ 20 min
- Total & Permanent Disability insurance
- Income protection (covers salary if you can't work)
- Ensure coverage amounts are adequate
Your 30-Day Action Plan
Don't try to do everything at once. Here's a prioritized plan:
Week 1: The Essentials (3-4 hours total)
- [ ] Start emergency fund ($1,000 goal)
- [ ] Install password manager
- [ ] Change critical passwords (email, banking, myGov)
- [ ] Enable 2FA on email, banking, myGov
- [ ] Review bank accounts for suspicious activity
Week 2: Government & Credit (2-3 hours total)
- [ ] Secure myGov account (password, 2FA, review services)
- [ ] Check Medicare claims and ATO inbox
- [ ] Request free credit report from Equifax
- [ ] Set up transaction alerts on bank accounts
Week 3: Deeper Security (3-4 hours total)
- [ ] Review and consolidate super accounts
- [ ] Update super beneficiaries
- [ ] Set up banking limits and new payee security
- [ ] Review all online accounts and update passwords
Week 4: Monitoring & Maintenance (2 hours total)
- [ ] Set up credit monitoring
- [ ] Check driver's license/passport status
- [ ] Create list of accounts and assets
- [ ] Schedule quarterly credit checks
Progress Tracker
Track your completion by category:
| Category | Tasks Completed | Total Tasks | % Done | |----------|----------------|-------------|--------| | Emergency Fund | ___/5 | 5 | ___% | | Password Security | ___/8 | 8 | ___% | | myGov & Government | ___/15 | 15 | ___% | | Bank Security | ___/15 | 15 | ___% | | Credit Protection | ___/6 | 6 | ___% | | Super Security | ___/8 | 8 | ___% | | Medicare Privacy | ___/6 | 6 | ___% | | ID Documents | ___/9 | 9 | ___% | | Digital Assets | ___/8 | 8 | ___% | | Estate Planning | /9 | 9 | % | | TOTAL | **/89** | 89 | **%** |
Free Resources
Government:
- myGov - Access to ATO, Medicare, Centrelink
- MoneySmart - Free financial guidance
- IDCARE - Free identity theft support: 1800 595 160
Credit Agencies:
Password Managers:
Get the Complete Toolkit
This checklist is comprehensive—but doing it all manually takes 10-15 hours.
Our Australian Financial Security Toolkit ($149) gives you:
- ✅ Interactive spreadsheet that tracks your progress automatically
- ✅ Video walkthroughs for myGov, banking apps, password managers
- ✅ 12+ detailed checklists (PDF bundle) for every scenario
- ✅ Quarterly updates when security settings change
Conclusion
Financial security isn't a one-time task—it's an ongoing practice.
But here's the good news: Once you complete the critical items (Week 1-2), you're already ahead of 90% of Australians.
Print this checklist. Work through it at your own pace. Check off items as you go.
Even small progress is better than none. Start today.
You've got this.
Questions about any of these steps? Email us at hello@ausprivacykit.com and we'll help you through it.