My friend and her young son (11 years old) are becoming New Australians this year, having secured citizenship after a difficult move from the Ukraine.
They have embraced Australia with enthusiasm and gratitude and, as a gift to the child on the occasion, I thought of purchasing a small quantity of iconic Australian shares, (around $250 value) for him to “set and forget” and use as he sees fit when he becomes 18.
Thing is, with no experience of shares other than those managed for me in my Super, it seems to involve TFN’s, high rates of tax on income and a palaver for his parents, which is obviously not what I want to do.
Is it possible to do this simply and without incurring additional work for his parents? If so, could anyone please recommend how to do this?
Thank you.
CommSec has a 'Minor Trust Account' which sounds exactly what you're after. Looked into it a while back but seemed complicated and gave up at the time.
https://www.commsec.com.au/products/minor-trust-accounts.htm…
An alternative is buying them 1g of gold bullion.
https://www.abcbullion.com.au/store/gold/gabgt041g-abc-bulli…