Question
How can I split shareholdings within ASIC and NowInfinity?
Answer
To split shareholdings a 492 Mistake Correction form will need to be lodged to update the original shares the shareholder was issued.
Example:
Shareholder 1 - 100 ORD shares $100 pps (paid per share) BO (Beneficially Owned)
Shareholder 2 - 100 ORD shares $100 pps NBO Test One Trust
Shareholder 2 should actually be 2 separate shareholdings each with a different Beneficial owner.
Shareholder 2 - 50 ORD shares $50 NBO (Non Beneficially Owned) Test One Trust
Shareholder 2 - 50 ORD shares $50 NBO Test Two trust
To achieve this the 492 form will be applied to the form the shares were originally issued. This could be a 484 Issue of Shares or the Company Registration. For either of these documents, you can fill out the 492 form within NowInfinity. However if the change is being applied to the Company Registration, the originally signed 492 form will need to be posted to ASIC via mail, while the 492 form applied to the Issue of Shares can be lodged online.
Within the text of the 492 form you would explain that the shares should have originally been split, advise how much each should own and if they are BO or NBO.
Note: Processing time for a 492 form can be up to 28 days.
Once the 492 form has been lodged and fully processed the share allotment will then reflect the split in both ASIC and NowInfinity.