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  1. #11
    Join Date
    Apr 2010
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    DS has a savings account with Bank SA. It is in his name but DF and I are the trustees. We pay tax on his interest earned each year but I don't mind - it isn't a lot and it means he gets it tax free later.

  2. #12
    Join Date
    Feb 2010
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by gotmilk View Post
    But you have to pay tax on profit with ING account, I had it for my girl with them but ATO asked me to pay tax and if the account for a child and you do not want to be taxed on the interest earned profit I was advised that I need to open a trust accound for my child. Never did it though...
    I just declare the interest I earn on my tax.
    My kids already have trusts set up as well.


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