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Member
Term Deposit Investing in kids name
Hi
I am hoping there is a grizzled tax accountant out there which can give me a steer on whether what I am proposing is considered tax avoidance / evasion or not.
Both my kids have IRD numbers and banks accounts which allow them to open term deposits in their names on-line. They are too young to work so have no other taxable income. Can I open term deposits in their name without it being considered tax avoidance.
Both my wife and I pay the top marginal tax rate on our term investment income (or PIE top rate) but obviously my children only have to pay 12.5%.
Any rules on this - can't find anything on IRD site or the net so I am assuming it is OK to do.
Any guidance or suggestions where I can find out more about this much appreciated.
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