The low income tax offsets only apply to excepted income for people under 18 who are not excepted persons.
income and gains from shares that are bought by parents for their kids are unlikely to be excepted income and therefore the tax on them will not be reduced by the low income tax offsets.
https://www.ato.gov.au/individuals/investing/in-detail/children-and-under-18s/your-income-if-you-are-under-18-years-old/?page=4
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How to buy shares for my child in their name, page-19
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