You must notify the Companies Office of the change in Beneficial Ownership. Beneficial Ownership is whether the shares are owned by the shareholder (so the benefits of the shares go to the shareholder) or are held by the shareholder on behalf of a trust or another party (so the benefits of the shares do not go to the shareholder but are passed on to another party).
|Who gets the benefits of the shares (e.g. dividends)?
Not the Shareholder - the other party on behalf of which the shares are being held, e.g. trust
If a change to the beneficial owner status takes place, the changes must be recorded on your own share register and included in your next company annual return.
|From the Main Toolbar, go to Company.
|Select the Company from the list.
Select Change to Beneficial Ownership
CAS 360 will display the Change to Beneficial Ownership screen.
|Input the Date of Change to Beneficial Ownership.
In the shareholder field, CAS 360 will display a list of the company's current shareholders.
|CAS 360 will automatically prefill this field if there is a beneficial owner.
New Beneficial Owner
Begin typing the new shareholder's name. CAS 360 will begin searching the Global Contacts screen for the person. If the Contact has not been previously added to the Global Contact screen, will appear.
Click to add a new contact. Leave this field blank if the shares are now beneficially held by the shareholder.
|In the Share type field, CAS 360 will display a list of the share types the shareholder holds.
Number Of Shares
|Input the number of shares changing beneficial ownership.
|Select the meeting status of the member which will appear on the Resolutions.
The Change of Beneficial Owner transaction will now appear in the Shareholders screen. Hover the mouse over the icon to display the name of the Beneficial Owner, as well as their Address, Email, Mobile, TFN, ABN and Place of Birth as seen below.
In the Document Production screen, CAS 360 will automatically select the documents required:
- Cover Letter
- Company Change Summary
- Register of Shareholders
- Allotment Journal
- Directors Minutes or Resolution
- Notice of Members Meeting
- Members Minute or Resolution
- Member Consent
- Share Certificate
- Notice of Beneficial Ownership
- Declaration of Trust
- Share Transfer Form