Who can apply for Spriggy Invest?
Spriggy Invest is available to an individual investing on behalf of a child who is under 18 when the account is opened. To apply, the adult must:
Be at least 18 years old
Have an Australian residential address
Be an Australian resident for tax purposes
How is a Spriggy Invest account structured?
Each Spriggy Invest account is opened and operated by an adult on behalf of one child. This structure is sometimes referred to as an informal trust.
Unless otherwise determined or required by law, the adult in whose name the account is held has sole authority to operate the account and provide instructions.
Can I open more than one Spriggy Invest account?
Yes. You can open one Spriggy Invest account for each child, up to a maximum of six children.
What information is required to apply?
When applying through the Spriggy app, you will be asked to provide:
Your full name and date of birth
Your Australian residential address
Your mobile number and email address
Details from an Australian driver's licence, Medicare card or Passport
The full name and date of birth of the child for each child’s account
Information about your tax residency
You may also be asked to provide additional identification documents.
What happens when the child turns 18?
The adult may continue operating the child’s account after the child turns 18.
It may also be possible to request that the investments be transferred to another account, subject to the requirements or conditions of the receiving provider.
Tax treatment depends on individual circumstances. Consider obtaining independent professional tax advice about the informal trust structure and who should report income and gains.
Important information: This article provides general information only and is not personal financial or tax advice. Read the current PDS and TMD, available through the Spriggy app or at spriggy.com.au/terms.