Can I open an account for a minor?

The short answers is Yes, sort of.

The minimum age for owning shares in Australia is 18 years of age.  Therefore you cannot open an account for anyone under that age.  However, it is possible for an adult to hold the shares on behalf of the minor, and then transfer the shares to their name once they turn 18.  Minors are unable to personally open an account, however, you are allowed to buy or sell shares for a child in the name of an adult (e.g. the parent) with the shares held in trust for the child.  Therefore, the account is established in the name of a person over the age of 18 years, with an account designation that identifies the underlying owner of the shares ie the person under 18.

When completing your application online, you should open an "Individual" account in the name of the person over the age of 18 years. 

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Once you have submitted the application, you must then notify us of the intention to establish the account in the name of the minor and supply ID for the underage person, such as a birth certificate or other government issued ID. Please forward the relevant ID and along with the application reference number to us via our contact us page here.

When the account is set up, the account name will show as e.g. Sarah Smith <Toby Smith a/c>.
This implies that Sarah Smith is holding shares on behalf of Toby Smith.  

In terms of the tax treatment on children's share investments, the ATO provide a good summary on their website.

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