We're wanting to set up an education fund for DD as we're pretty certain we will be sending her to a private school, at least for primary.
I'm just wondering what type of account would be best for something like this? We'll be making weekly contributions ourselves as well as grandparents making regular contributions in lieu of huge birthday/Christmas presents.
I know absolutely nothing about this sort of thing and won't be able to get to the bank for a few days! So thought I'd ask. Thanks.
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11-06-2013 08:48 #1
Setting up an education fund?
11-06-2013 09:31 #2
Try googling Noel Whitticker (I think that's how you spell his name). He does a piece in the paper (I get the courier mail) every week and has mentioned something about accounts for education purposes.
Hope that helps
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11-06-2013 09:43 #3
Thanks! That got me googling in the right direction
11-06-2013 09:59 #4
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11-06-2013 13:33 #5
It's up to you, but from all of my reading its best to just put the money into your mortgage, assuming you have one, and then redraw when you need it.
11-06-2013 13:41 #6
Thanks 4underfour, we rent though and definitely won't have a mortgage anytime soon!
11-06-2013 14:03 #7
Not sure about which account is best, but if you're in AUS make sure dd has a tax file numbers (or apply for one if they don't) - she'll have to pay tax on interest she earns over a certain amount.....call the tax office for clarification
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11-06-2013 15:52 #8
We have just opened bank accounts for each of our boys. We thought it a good idea for family to deposit money into there for birthdays, xmas etc to considering the distance we live away from them. I suggest giving bankwest a call and enquire about kids bank accounts, they will explain everything. The account can earn a certain amount of interest before being taxed.
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11-06-2013 16:25 #9Senior Member
- Join Date
- Jun 2012
In Australia interest in a standard account is pathetic even if you invest in long term. There is no way I would get a TFN for my child and the account I have for her schooling even though she is not born yet. It's in my name and interest earned will be added to my annual income nothing that concerns me. I would think though if you got a TFN for your child they would not pay any tax as you can receive $18,000 tax free per year so you could consider that as an option
11-06-2013 16:33 #10
There's a scholarship / education fund called ASG. we are just starting to look into it also. I think it stands for Australian scholarship group.
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