Child's Savings Account?

[Guest ben&sharon]

Hi,

 

Did anyone transfer a child's savings account out to Australia? We have a fair amount of money in an account in the UK for my son, which we top up monthly, for which he has so far received interest free of tax. I'm curious as to what will happen if we try and move it and if there are any similar accounts for children over there?

 

Thanks,

 

Sharon

[lorluc]

Transfer it over with the rest of your funds..........then open an account here for him. My kids have youthsaver accounts with the commonwealth.

[Rachiegarlo]

Bank sa also has kids fee free acounts.

[Lea]

Have a look at http://www.bankwest.com.au.

 

They have a good rate for regular kids savings. There is only one branch though that I am aware of in Rundle Mall.

 

Lea

[Guest ben&sharon]

Thanks to those that have suggested other accounts - I'll check them out, since we'll need to find something for him.

 

We have since realised that if we leave the account in the UK then the interest earned becomes assessable as income for my husband and I, since the account is held in our names on behalf of our son.

 

But I'm still no clearer as to whether we'll have to pay the tax on the interest already earned if we take the money out of the account.... Think we'll have to get some advice on this one.

 

If anyone else has any experience, I'd be glad to hear it. What a minefield!

 

Sharon.