Wanting to buy but am only 17

[wow]

Hi,
I've got a quick question however its not a very simple one.

I'm 17 and i received some shares from my bank quite some time ago.

I'm now looking to buy some shares in a different company and sell the ones i currently have from my bank however from what I've found minors can not create trading accounts to buy shares (on most the sites I've seen anyway.. etrade, commsec, nab).

I was looking into a trust account and getting my older sister to be the main trustee but we're not sure who/how we would get taxed and she does not want to have to pay tax on the shares when i want to sell them.

Is it possible to create a trust account or some other type of account and have it in my name or is it possibly to find out if i could get taxed instead of my sister.

Thanks.

 

[So_Cynical]

Re: Wanting to buy

Dude wait 10 minutes and you will be 18.

 

[stefan_invester]

Re: Wanting to buy

hmm
depends when your turning 18
if its in a couple of months like 2 or 3, than just wait it out.
if not, than tell her to add in some small amount of money for the time being
and than you guys can split the money between eachother once you are
finally ready to open your own account.

but yeah, if you dont want to make things complicated.
than just wait it out.

 

[wow]

Re: Wanting to buy

I really want to buy these shares now.
I can't wait.

What will a trust fund do?
I went through the creation steps and it needed my tfn aswell...Would i be able to make it tax me?

 

[matty77]

Re: Wanting to buy

By the time you go setting up a trust fund and then pay some accountant x amount of $ to sort it out for you come tax time, my advise, borrow the money short term loan then sell the shares later and pay back to loan. Personally I would just wait it out - most likely the 'hot tip' you have been given aint that good anyway.

 

[Julia]

Re: Wanting to buy

If you phone a couple of accountants and/or lawyers and ask about the costs involved in setting up a Trust Fund (which it seems you only want to operate until you turn 18), I imagine the reality of the costs involved will pretty smartly temper your impatience.

 

[Tysonboss1]

Re: Wanting to buy

I really want to buy these shares now.
I can't wait.

What will a trust fund do?
I went through the creation steps and it needed my tfn aswell...Would i be able to make it tax me?

The sharemarket constantly transfers money from the impatient man to the patient man. Don't be in such a rush. spend a few months learning and reading. save a bit more and you will be 18 before you know it.

 

[skyQuake]

Re: Wanting to buy

The sharemarket constantly transfers money from the impatient man to the patient man. Don't be in such a rush. spend a few months learning and reading. save a bit more and you will be 18 before you know it.

Been a while since I've heard that, took me even longer to to learn it.

 

[So_Cynical]

Re: Wanting to buy

The sharemarket constantly transfers money from the impatient man to the patient man.

How very true...time is an extraordinary factor when dealing in stocks, certainly been a friend to me.

 

[Old Mate]

Re: Wanting to buy

The sharemarket constantly transfers money from the impatient man to the patient man. Don't be in such a rush. spend a few months learning and reading. save a bit more and you will be 18 before you know it.

That's what I was thinking. Don't rush into it, the market will still be there in a few months.