Mummy

When my darling son was born (see latest piccie!) he was given lots of money from the rellies. Also he got some more for Christmas. We haven't done anything with that money yet. Should we open a baby ISA in the UK for him - tax free here - do childrens bank accounts get taxed on Oz? Or should we wait til we get to Oz and open one for him there? If so, are there any recommendations?

Mummy

He must have known i was talking about him - he's gone and woken up now.

The Koalas

I was just looking into this myself and would be interested if anyone replies. I have triplets age 4 and they are always getting money given for xmas, birthdays, pocket money of grandparents etc. I just do not know what to do for the best either.

Amazulu

Bump. I'm interested in this too. Here in the UK, we have a Nationwide child savings account & a pension for our 10 month old son.

markeh

Hiya Mummy,

have you had any money from the UK gov for your new baby?
I thought that it had to go into a special account for the baby?

Regards
Mark

markcrute

help needed here too.
3 children aged 12 10 8 all with own savings books and a bit of lolly in all three.

whats the best thing to do ?

Mummy

Although this is supposed to be the case i don't think it is actually in practice yet - haven't had any money anyway!

dotty

Kids have a tax free allowance on the interest, it was around the $600. Then they get 47% tax on interest earnt over that.

I dont think keeping money stashed in the UK is going to be much use now. Its been slapped all over the media this week that the ATO (aus tax office) latest crackdown is money/income etc in OS bank accounts.

All overseas income be it rent, interest, shares whatever is supposed to be declared to on annual Tax return and Centerlink payments.

Now ATO has spent millions on new technology its targeting people with OS links the aim being a huge clawback of centerlink overpayments and tax on money not declared.

ABCDiamond

The Commonwealth Bank have an account called "dollarmites" designed for children, and most schools participate in running deposit sessions at the school.
It keeps the kids interested and involved in saving.

I think that all kids accounts have to be in the name of the parent as the trustee for the child. That's what the ANZ have told us.

cuthere

Check this out. ATO's website on children's accounts.

http://www.ato.gov.au/individuals/co...1/002&st=&cy=1