NowInfinity's Corporate Messenger
Can there be more than one beneficial owner?
How to add more than one beneficial owner?
Can the beneficial owner details be retrieved from ASIC?
What if the beneficial owner is not known?
Can the beneficial status be changed?
Can shares be transferred to a shareholder with a different beneficial status?
What is a beneficial owner?
Shareholders are the owners of the shares held with a beneficial status.
The shareholder is either benefiting directly from the shares held, or holding the shares on behalf and for the benefit of another entity (individual, company, Trust, etc).
ASIC
| ASIC Beneficial Status | Description | Share Owner | NowInfinity's beneficial owner |
| Beneficially held = Yes | Beneficially held | The shareholder | The shareholder |
| Beneficially held = No | Non-beneficially held | The shareholder | The beneficiary |
NowInfinity's Corporate Messenger
Within the Company Profile (Menu > Corporate Messenger > Companies > open Company Profile), under the shareholder information you can find a breakdown of the shareholding for each shareholder.
For individual shareholders the name will be displayed within the "Shareholder's Name" field. Should there be joint individual shareholders, their names will appear in separate "Shareholder's Name" fields, under the same shareholding.
When a shareholder is the beneficial owner of their shares the "Beneficial Status" field will reflect "Beneficial Owner."
If the shareholder is holding the shares non-beneficially on behalf of a Trust the "Beneficial Status" will reflect the Trust name.
Navigate to the Share Summary page from within the Company Profile.
Within the Share Summary page the Member Holding Balances table also reflects the names of the shareholders and their beneficial status.
When a shareholder is the beneficial owner of their shares the "Beneficially Held" column will reflect "Yes".
By default, under the Member Holding Balance table, the following details will be available under the relevant columns:
- Shareholder Name
- Beneficially Owned
- Share Class
- Numbers in ASIC
- Numbers in NI
- Total Amount Paid
- Total Amount Unpaid
When expanding a shareholder the Trust name will appear under the “Beneficial Owner Name” field.
Should the Trust name need to be updated select the 3 dots to the right of the specific share parcel.
From the dropdown select 'Update'.
Under the ‘Beneficial Owner Name’ field enter the updated Trust name and ensure the date is entered (this reflects the date the change to the Beneficial Owner name was name) > select ‘Save Changes’ to apply the change to the profile.
When adding a transaction using the Add New Transaction button, the beneficial status can be determined by whether "Yes" or "No" is selected for the "Beneficially Held" section.
If "Yes" is selected this means the shareholder is the beneficial owner.
If "No" is selected then the shareholder is holding the shares non-beneficially on behalf of the Trust. The Trust name can be entered within the "Beneficial Owner Name" field.
Similar to the Share Summary page the Share Transactions page also reflects the names of the shareholders and their beneficial status.
When a shareholder is the beneficial owner of their shares their name will display and the "B/O" column will reflect "Yes".
If the shareholder is holding the shares non-beneficially on behalf of a Trust, their name will display “for" after the shareholder's name along with the Trust name. The "B/O" column will display "No".
Can there be more than one beneficial owner?
Yes. The shareholder may hold shares for more than one beneficiary.
In Corporate Messenger, the Member Holding Balance table groups shares by the shareholder, class and beneficial status for better validation with ASIC.
How to add more than one beneficial owner?
- A new transaction record can be added for each beneficial owner by completing the Beneficially Held section in the ASIC form 484.
- Existing transaction records can be updated to split parcels to reflect more than one beneficial owner, by using the Add New Transaction button
- After selecting the Add New Transaction button > select Split Parcel under the list of Transaction Types
- Select the shareholder you wish to split the parcels for under the Member field
- Select which parcel you wish to split
- Enter the effective date, the first half of the share amount, Total Amount Paid and Total Amount Unpaid
- If required, the Beneficial Owner Name field can be edited to enter a different Trust name
- Select Add Allotment
- Select the effective date > enter the second half of the share amount, Total Amount Paid and Total Amount Unpaid
- The Beneficial Owner Name field will reflect the same name entered in the first parcel > this can be edited to enter a different Trust name
- Select Add New Transaction to save
- A message will appear advising that the parcel has been successfully split.
- The Member Holding Balance table will automatically update with the split parcels
- After selecting the Add New Transaction button > select Split Parcel under the list of Transaction Types
Can the beneficial owner details be retrieved from ASIC?
No. ASIC only records the beneficial status of the shares held by the shareholder.
Corporate Messenger can manage the beneficial owner details provided by the user.
What if the beneficial owner is not known?
If Corporate Messenger has shares non-beneficially held, and the beneficiary details are not provided, the default value is ‘Not Disclosed’.
Similarly, if the beneficial owner wishes to not be disclosed in the system or on any documentation, the user can set the beneficial owner name’s value to ‘Not Disclosed’.
Can the beneficial status be changed?
Yes. The beneficial status can be changed with ASIC, refer here for guidance: Changing a Shareholder's beneficial status
Prepare and lodge ASIC form 484 or 492 to request this type of change, once the form has been lodged and processed with ASIC the shareholding will be updated with the new beneficial status.
Can shares be transferred to a shareholder with a different beneficial status?
Yes. Prepare and lodge ASIC form 484 to request this type of change.
In Corporate Messenger, the user can add transactions using the Add New Transactions button to record any historical/past transactions (or external transactions) to record a simple transfer of shares from one shareholder to another.
The beneficially held section can be completed in that form.