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Can anyone suggest a good super company for kids that has made consistent positive returns and has a low annual fee?
So far im thinking of putting the kids money in HostPlus at (averaging ~ 6% over 10 years) with a minimum $78/ year in fees.
Can anyone suggest a good super company for kids that has made consistent positive returns and has a low annual fee?
So far im thinking of putting the kids money in HostPlus at (averaging ~ 6% over 10 years) with a minimum $78/ year in fees.
http://www.hostplus.com.au/super/super-with-hostplus/fees-costs
Bankwest is an 8% account which gets dumped into a low interest account ever 12 months. The day after its dumped i transfer the full amount into a suncorp kids saver at 4.65%. Then i can continue to put in $200/month into BW again at 8%. Rinse/cycle/repeat.
Problem is now that kids can earn only $416 interest before they are slugged with 66% tax. I can claim the whole amount as my own income and so i will pay tax at my rate but either way i dont want to pay tax. I will probably shift all the money into my offset account so the kids only make $416 a year and pay them back one day.
I wish to invest in REITS, Bonds, shares for kids but i think the $416 income a year rule still applies to under 18yo's (unless there working)
--------------You do not have to quote a tax file number (TFN) when you buy shares. However, if you do not, pay as you go (PAYG) tax will be withheld at 46.5% from the unfranked amount of your dividend income.
There is no PAYG withholding threshold for dividends. The $420 threshold for interest received by a child under 16 does not apply to share investments. If you quote your TFN, you pay taxes on the dividends when you lodge your return.
Youre thinking of putting money away for your kids that they can access when they're 65?
Testamentary trust appears better but i was looking at something more short term like access to funds within next 15 years.
Good point. I was lost in the moment.
Testamentary trust appears better but i was looking at something more short term like access to funds within next 15 years.
If you or you're spouse have a low income, it may be easier to put the money in the parents name with the lowest income as a trustee for the child
And you think a super fund will fit that requirement?
She is 4 years old, Super fund would pay out in 61 years. I wanted something to pay out when shes looking to move out of home in 15-20 years.