Financial Goals for Bubs

I would like to open a savings account for Bubs in his own name so that there is no (minimal) tax payable.

I need to provide a DOB so it is not possible to open an account before the child is born.
I will need to apply for a TFN also, so that the PAYG tax is not withheld.

As soon as the baby is born, we should:

• apply for a birth certificate
• apply for a Tax File Number.

Once these steps have been completed we can apply for an account (preferably a high interest online savings account). I don't know whether this would be an account for Bubs' gift money only, or whether we would use this as the 25th birthday gift account as well ($15 per fortnight at 7% interest will get the required amount).

It would be great for the child to open another account for himself to deposit his pocket money and present money once he was old enough to understand how to use it. He could practice saving and watching his interest grow on this account.

Regardless, all money that is gifted to us for the baby will be saved separately until the initial account has been arranged.

We will continue to operate an expense account for the child, as we have already established this (although we haven't established a set budget for the child's expenses as yet, but are simply saving $100 a fortnight). It is hard to clarify the "child's" expenses separate from our own - as in what constitutes a separate expense. Obviously food is not included, but what about clothing, or educational expenses, outings etc. Which come under the general household budget and which are the children's expenses?