Opening an account for a minor

The only way to open a CMA on behalf of a minor (up to the age of 18) is to open an account under a formal trust arrangement that's established by a trust deed. 

• To open a trust account, the account name must be in the structure of "Trustee/s ATF Trust” and each trustee must accept the terms of the CMA application.
• To complete an application, our standard account opening requirements will apply.

You'll also need to provide:

• a copy of the Trust Deed.

View What you need to open an account for an unregulated trust for more information on opening a testamentary trust account for a minor.

You can set up a Macquarie Wrap Super account in the name of a minor provided the account is operated by a parent or guardian. 
 
We require a completed Macquarie Wrap Superannuation application signed by the parent/guardian. Please note, a minor doesn’t need to sign this application. If the minor is over the age of 16, we may accept an application signed by them, as they may have started work and be receiving their own employer contributions. 
 
You'll also need to provide:

• a certified copy of the minor’s birth certificate
• AML/CTF forms completed by the minor and the parent/guardian
• the minor's Tax File Number (TFN).

You can find the above AML/CTF form within the Wrap Super and Pension section of Adviser Tools, and selecting 'Update your clients details' and 'Identification forms'.

When the minor turns 18, they must agree to our terms and conditions by signing a new application form. Their account number and details will remain unchanged after signing the new application form. 

Members can nominate either part or all their death benefit to be paid as a child pension to one or more of their dependent children. A member can nominate a child pension by completing:

• a Non-lapsing Death Benefit Nomination form nominating the child as a beneficiary, and
• a Child Pension Schedule outlining the terms of the pension. 

Child pensions must meet the normal payment rules for pensions, including minimum annual payment requirements. 

When the child turns age 18, they must agree to our terms and conditions by signing a new application form. 

Macquarie Wrap IDPS accounts can only be opened for a minor under a formal trust arrangement. The account name must be in the name of the trustee/s of the trust and all trustees will be required to accept/sign the application to open an account for a minor. 

You'll also need to provide:

• a certified copy/extract of the Trust Deed – showing the trust name, trustee(s) name(s), beneficial owner(s) name(s), trustee(s) signature(s) with witness signature(s).