How can I change the beneficial status of shares?
There are 2 ways to change the beneficial status. The examples in this article show changing Shares from Beneficially Owned to Non Beneficially Owned, however the same process can be applied changing Shares from Non Beneficially Owned to Beneficially Owned:
- Lodge a 484 Transfer of shares form
- Lodge a 492 Request for correction form to correct the Beneficial Status in the form when the shares were first issued or transferred
Lodging a 484 Transfer of Shares form
This is used when transferring a current shareholding which is Beneficially Owned (BO) to a NEW shareholding (for the same shareholder) that will be Non Beneficially Owned (NBO) (or vice versa).
- Select current shareholder
- Enter the number of shares (total number of shares currently held by that shareholder)
- Under the Transferee page select NEW SHAREHOLDER
- Enter all the shareholder's information
- For the question "Is the shareholder a Beneficial Owner?" select "Owns Shares on behalf of a Company or a Trust" if the Shares will be now Non Beneficially Owned. Alternatively if they will be Beneficially Owned, select "Beneficial Owner"
- Enter the name of the Beneficial Owner of the NBO shares:
- Here is a sample of the completed page. Please continue through the form.
Lodging a 492 Request for correction form to correct the Beneficial Status specified when the shares were first issued or transferred
In order to complete the details on the 492:
- Locate the original share issue / transfer form
- Enter the document details
- In the Amendment Text box type something similar to that shown below:
- Lodge the form with ASIC
Once this form has been lodged with ASIC it can take up to 28 days to process the change before it is reflected within the company profile in NowInfinity.