Beneficially Owned Shares, also known as Beneficially Held Shares, are where the owner(s) of the shares gets the direct benefit from the shares. For example; benefits could include dividend payments.
When assigning new shares, you must specify whether or not the shares are Beneficially Owned. The number of Beneficially Owned Shares will be recorded in the ASIC company register. The register must also show if the member has any shares that are not beneficially held.
For example, Peter Taylor is the sole shareholder in his company Taylor & Sons Pty Ltd. As Peter is the individual receiving the benefit from the shares, he is beneficially holding them. All dividends are therefore going to be paid straight to him.
The beneficial owner(s) is the true owner of the shares, regardless of who’s name they are held in.