Some of these responses are so bad, they belong in the humour section.
The main advantage for how it was original set up is you still controlled the funds (as you had not irrevocably gifted), and the dividends were not subject to penalty rates (broadly top tax rate of tax on income the minor received >$416.) The disadvantage of this option is the CGT event upon transferring to the child’s name in the future.
You can irrevocably gift now to avoid the future CGT, but this will mean you lose all control of the funds (upon attaining 18, little Johnny is legally entitled to use the funds as he wishes), and depending on the amount of the dividends he may pay penalty tax.
