Today is National Children’s Day.

Did you know Children’s Day is celebrated on different days in different countries? While in Australia we recognise it on the 24^th October, there’s also a Universal Children’s Day that was first proclaimed in 1954 by the United Kingdom, and is celebrated on the 20^th November. The day was established to promote mutual exchange and understanding among children; and secondly to initiate action to benefit and promote the welfare of the world’s children.

In the spirit of this day, we thought it would be a good time to highlight the pivotal role parents and grandparents can play in helping their children or grandchildren to become financially literate.

For example, with an older child, entering the workforce can be a busy and exciting time. A couple of quick tips:

• When starting work – they need to understand it is not wise for them to rely solely on their employer to ensure they receive their correct entitlements; and
• At tax time – they need to learn about record keeping and ensure they understand what they have to do to be able to claim all allowable deductions.

As a parent or grandparent, you can assist to provide guidance to them in these areas and encourage them to take responsibility to seek informed education and advice.

Here at AWT we can assist if you need help lodging your child’s or grandchild’s tax return, and with any questions regarding their pay, superannuation or general financial wellbeing.

Get in touch to speak with one of our friendly team members on 08 9303 8900 or clientlink@awtaccountants.com.au