To make changes to an existing shareholder's shareholding, select 'Change' next to their name. If a change to the beneficial owner status takes place, this must be notified to ASIC on the Form 484 within 28 days of the change.A legal owner is a person who holds the legal title under his name, whereas a beneficial owner is a person who enjoys the benefits of ownership. On October 10, 2023, the Securities and Exchange Commission (SEC) adopted amendments to modernize the rules governing beneficial ownership reporting. To put simply, if shares are owned individually, they are beneficially held. If they are held in a trust, they are not beneficially held. This blog article explores the key elements of the BOI reporting rule and what actions your business needs to take. You can change the beneficial status of these shares online through ASIC. You can change the beneficial status of these shares online through ASIC. Instructions to Item 403: 1.