How do I open a “minor account” (for an individual under the age of 18)?
In Australia, it is a legal requirement to be 18 years or over in order to invest in shares or ETFs.
A minor account can be opened by an adult in their own name to manage trades and hold shares and/or ETFs on behalf of a child or minor who is under the age of 18.
When they turn 18, the assets can be transferred to their own account. Prior to transfer, you should seek your own advice from a professional tax agent.
You can open more than one minor account.
The individual who opens a Superhero Account for a minor will be legally responsible for the operation of the account and for complying with our Terms and Conditions.
Please note: this is not a minor trust account structure.
To open a Minor account:
- Click on the ‘Profile’ tab within your Superhero account.
- Click ‘Add Account’ followed by ‘Minor Account’ on the top of the page.
- Fill out the required fields and click ‘Create Account’.
Once the account has been created, it will show up under your account types by clicking on your name on the top left.
Can a minor access a minor account?
No. Only the adult who opens the account can access and operate it. The adult operates the account on behalf of the minor, so the investment is held for the child's benefit while the adult remains the account holder. This is because a person under 18 cannot own securities or operate a Superhero Trading Account in their own name.
When the minor turns 18, the securities can be transferred into their name and they can manage the account themselves. Operating a Minor Account or transferring securities may trigger tax liabilities (such as Capital Gains Tax) or legal obligations. You should consult a legal professional and a registered tax agent prior to operating or transferring a Minor Account.
Can the minor account be transferred when they reach 18 years old?
Yes. Once the minor turns 18, they will be able to create their own personal account here.
Once that account is open, Superhero can facilitate an off-market transfer of the assets from the minor account into the new account in their own name. A transfer may have tax consequences, so you should seek advice from a professional tax agent before it takes place.
Please complete our Non-Market Transactions Transfer Form and sign with wet ink, and submit your request here.