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  1. #11
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    Savings accounts from when a child is young is definitely a great idea!
    You will usually find interest from a child's account will be included in the return of the parents. Tax rate will depend on the income of the parent.

  2. #12
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    Quote Originally Posted by crankyoldcow View Post
    That depends on whose money it is. It only goes on the parent's tax return if it is the parent's money that happens to be in a bank account in the child's name. If the money belongs to the child eg birthday / christmas money, then the interest earned belongs to the child and is not included in the parent's tax return.

    https://www.ato.gov.au/Individuals/I...ings-accounts/
    I was going on the basis of the previous few posters who were talking about setting up accounts and adding to them each week or month for their child.

  3. #13
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    Quote Originally Posted by ames1988 View Post
    I was going on the basis of the previous few posters who were talking about setting up accounts and adding to them each week or month for their child.
    Yup and that is where the technicality is.


 

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