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 Uniting Ethical Enhanced Cash Trust Children's Account Guidelines

A Uniting Ethical Enhanced Cash Trust can be an effective way to save for your child’s future expenses or for older family members to develop a sense of saving amongst younger members of their immediate or extended family. You may also consider opening an account in the name of a grandchild, a niece, a nephew or even a family friend.

There are two options you need to consider if you are opening a Uniting Ethical Enhanced Cash Trust account for a child:

Option 1 – In Trust For

  • You can set up an In Trust For account for the purpose of investing funds for a child.

  • The account is opened in the name of the investor (parent) and the child's name is placed In Trust For.

  • Withdrawals from In Trust For accounts are made payable to the investor, not the person the money is held in Trust For.

  • The investor must include their own Tax File Number, and the investor is the registered signatory on the account.

  • Parent(s), grandparent(s) or relatives can open an In Trust For account on behalf of a child.

Option 2 - Child Accounts

  • You can open an account in the name of the child.

  • Withdrawals are made payable to the child. If the child is under the age of 16 (and total income earned by the child is less than $420 per year) you can claim a Child Tax Exemption and you do not need to give your Tax File Number.

  • The parent(s) / guardian(s), grandparent(s) or a relative can be the registered signatory on the account.