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Trust bank account for child

Discussion in 'Money Management' started by june78, 23rd Apr, 2008.

  1. june78

    june78 New Member

    Joined:
    23rd Apr, 2008
    Posts:
    1
    Location:
    Brisbane
    I am looking for some advice on setting up a bank account for my baby. I know there are heaps of children's bank accts around, but I am looking at setting up a trust account so that we can decide when they access the money. I just have a couple of questions
    - how do you go about setting up this sort of account
    - does my child need a TFN on the account (I was reading something that if you hold shares or managed funds in trust you should put the child's TFN on there so they don't pay CGT when you transfer ownership)
    - how do you transfer ownership of the account or money over to the child?

    This is probably a lot of questions, but hoping someone can explain this for me.

    Thanks
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi June,

    Your probably best going into a few different banks and asking them as they may all do it differently.

    Cheers,

    Dan