Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Online Share Trading

Engage and learn about markets and trading online

Simon some advice please

Reply
stores
Super Contributor
Sometime back I recall you saying that you bought your new born nephew/niece some Satrix 40's. I want to do the same for my first grandchild. I know that I can buy them on OST but they will be mixed up with my own Satrix 40's. What I need is a certificate of some sort in the child's name. Can OST do this or must I talk to the Satrix guys? What did you do?
0 Kudos
6 REPLIES 6
theyoungster
Super Contributor
open an account in gsons name perhaps?
0 Kudos
SimonPB
Valued Contributor
we can open an account for a child, under 7 we need gaurdian consent .. speak to the call center ..
0 Kudos
Not applicable
I would like to open accounts for my 7 year old nephews and nieces to make a once off invest for each in STX40. Subsequent trading will be infrequent - will follow a long term strategy. Who will be responsible for tax if any is due and who'll have to declare the interest and dividends? I would prefer if the parents were not to know about the investments.
0 Kudos
stores
Super Contributor
Thanks Simon..The child is due to arrive on 8 June and I will set it up with the call centre when he gets a name, birth certificate, et al.
0 Kudos
Not applicable
Eric The guadrian of the child is responsible for including any taxable income earned by his children in his tax return. You may also need to consider the effect of donations tax, at 25% it can be quite onerous.
0 Kudos
Not applicable
Eric if teh child is registered as a taxpayer then teh taxable minimum applies - circa R5300 per month. So unless the value exceeds that then its all good. you making a post tax addition to portfolio is already taxed so no issue there
0 Kudos