Baby's Bank Account

[Tecopa]

I've been trying to search the Centrelink web site but can't find the info I need. I'm wondering how much a baby's bank account can impact on my Parenting Payment? At the moment I'm just transferring across his baby bonus, plus gold coins I save and the odd bit of pocket money family gives him. Plus he got paid for modeling for Anne Geddes! At 10 weeks old he already has $2700 and I'm very proud I've worked hard to save that

When would this become an issue? How much can a child earn before I need to declare it? What if friends and family keep putting money in over the years and it becomes $10 000, $20 000 etc. Would I lose payments or would it be classed as an asset? I'm a little confused.

[briggsy's girl]

your best bet is to be upfront on all accounts. childrens bank accounts shouldn't impact your payment however it will depend on how that account is set up in regards to access as some people will squirrel away money for themselves and put it under their childs name. so long as you have a paper trail of where the money is coming from and can confirm it's money for your child (and if any large amount is spent, you can confirm how) you should be fine with it having no impact - but when you do your next interview with c'link, take the details in - if you show them the info you've done all you can kwim?

[Muppity]

I'd also be ringing the tax office and asking them...I don't remember what the rules are but there are quite strict rules on how much a child can have in a bank account before they have to start paying tax on the interest - it is much less than an adult.

There are also different rule for money that they "earned" like from modelling and money that they are gifted. It would be worth knowing for sure rather than being stung later.