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I have eight grandchildren from age ten down to 14 months.
When they were born I immediately opened a bank account in there name using my partner as trustee for the bank account. Both parents and ourselves top up there accounts each month.
Unfortunately when I opened the chess account I put the chess register under my name as trustee for each child. My problem is I still earn a income and my partner does not.
Who pays the tax if I sell the shares – my partner or me?
This problem came about because I purchased LNG shares at .38c for the two oldest children and they are now $3.25 and
I want to sell half.
They have only held these shares for five months.
Also should I have set up a proper trust and include all the grandchildren with in the one trust?
A: I am not sure I follow how you have registered the shares in CHESS. Perhaps you could send me an example.
That said, depending on the situation, your grandchild is probably liable for any tax (they have to earn more than $416).
I have attached the ATO’s link that provides different examples. See situation 2.
I have also attached a link to a copy of an article we published on this subject in January.
Kind regards,
Paul Rickard
