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Rask is a big advocate for getting family invested as soon as possible, so we've made it easy. Getting your children to start early can unlock fantastic long-term compounding potential.
Rask Invest caters for those who wish to create an investment portfolio for those who are yet to turn 18 and be legally allowed to invest in their own name.
Information and how it works
To make things easy, we have a fully online application for a child's account. It will require an adult/s to "act as trustee" for the minor, but please keep in mind that this doesn't create a legal trust in the manner that of a family or discretionary trust.
It will also require either the adult/s or the minor to provide their Tax File Number (TFN) and accept tax liability for the investments held.
Please consult your tax professional if you have any doubts over which option will be best for your circumstances.
We will require the adult/s to provide the following details to act as trustee.
Full Name
Date of Birth
Residential Address
Tax File Number - if accepting tax liability
One Additional Source of Identification (License/Medicare/Passport)
We will require the following details for the minor:
Full Name
Date of Birth
Residential Address
Tax File Number - if accepting tax liability
In addition there would need to be an Australian bank account provided that is either in the name of the adult, the child or the adult as trustee for the child.
How to create a kids account
Create your Rask Invest account (Step 1)
Click where it says "Investor Type" from the dropdown (a new screen pops up)
Select "Minor / Trust"
Select the appropriate structure (e.g. Individual on behalf of a child/minor)
Click update
Continue your application
Can I have multiple kids account under one login?
Yes.
You can have multiple kids accounts under your login (e.g. you administer the portfolios for Child #1, Child #2, Child #3, etc. within your Rask Invest Account).
However, there is a quirk...
If you plan to hold multiple Rask Invest accounts (e.g. one for you, then multiple children), make sure:
You sign up in your name FIRST.
Wait for your application to be approved and funded.
Go through the process for a new application (Child #1)
Wait for that application to be approved
Go through the process for a new application (Child #2)
And so on...
The 'quirk' is that you can have only one application processing at any time.
