100. Navigating Kids Accounts: 5 Things Parents Need to Know

It's No Secret

Welcome back, lovely listeners, to another episode of It’s No Secret!
Today, we’re diving into a rapid-fire chat about kids' accounts. Whether you’re considering opening an account for your child or just curious about how they work, we’ll reveal five facts that could change your perspective and approach.

Key points

• Tax benefits - Kids accounts are taxed at the child’s rates, which can be a significant advantage for families.
• Why the money needs to be genuinely for the child
• Unlike trusts, kids' accounts are individual accounts, offering different levels of control for parents.
• Children may discover their accounts through MyIR, highlighting the need for open communication.
• Once a child reaches the age of access, they have the ability to remove parental control

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Disclaimer:
Investing involves risk including the possible loss of principal and there is no assurance that the investment will provide positive performance over any period of time.

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

Any information we provide is general only and current at the time of writing.
Kernel Wealth Limited is the manager and issuer of the Kernel KiwiSaver Plan and Kernel Funds scheme. The Product Disclosure Statements are available at www.kernelwealth.co.nz