Whatever you think about it, you still have to pay your taxes. And that goes for the youngest members of society too. How much tax will your children have to pay?.

Check-out
You'll need to produce your child's birth certificate and other forms of ID to open a child's bank account account as children are entitled to tax breaks. The bank is legally obliged to make sure your child actually exists.

Mr Taxman
Children have the same personal tax allowances as adults (up to 4,745 in 2004-05) and usually don't qualify to pay tax. Make sure you fill in form R85 and return it to the Inland Revenue to get their interest paid in gross. If you pay money into your child's account, you may have to pay tax on the interest, if the interest on the gift exceeds 100 per parent.