I set up a super account for each of my two children when they were starting high school. They are now working adults. Be aware that when they start their working life and contributing to Super for themselves, the one thing I did not know about when I opened their Super account is that they will not be automatically opted in to Income Protection once they are of working age. Therefore, if they want Income Protection they have to pay more for a 'tailored' income protection inside the super fund or find a competitive option outside of Super and then at least they can claim some back on tax. I felt this was very unfair but the Super Fund would not come to the party and transferring to another fund does not change the circumstance at all.

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I set up a QSuper account for my twin daughters when they were 7.

The process involved calling, getting a form sent then applying and scanning it back to them as an email. It was mandatory to get a TFN which involved making a booking with and a trip to the local post office.

As I have them invested domestically in VAS in Super I have them 100% in the International equities option and contribute $250 a quarter. The fees are 0.26%p a and last year this portfolio did 35.66%

My wife thinks I'm mad but I like to think when I am long gone these dollars will still be compounding tax effectively at multiples of todays value.

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Hi Sam Smith, does your after-tax contribution to your daughters super of $1k per year make them eligible for the government contribution of $500? The Government usually pay your super fund within 60 days of you lodging your tax retunr - so i asking if you lodge a tax return on behalf of your girls?

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I would think that a 7-year-old would not be eligible for the government contribution. One requirement is "10% or more of your total income must come from either: employment-related activities carrying on a business a combination of both.", which is not generally achievable as a child who doesn't work.

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