Off market transfer (OMT) from a different party/entity process

You can transfer the beneficial ownership of shares to your Stake account without having to buy or sell them on the market. 

An example is if you wish to transfer shares registered in the name of MR JOHN SMITH to your Stake account registered in the name of MRS JANE SMITH.

Please note the portfolio size must exceed A$1,000 for OMTs.

Things to consider

An Off-Market Transfer could have tax implications. Due to the complexities involved with tax, we recommend obtaining independent and professional advice that takes into account your own set of factors and circumstances. Stake is not able to provide tax advice in relation to the transferring of shares, as we’re not registered tax advisers.

What you’ll need

To begin the process, please get in touch here or email us at [e-mail] with the following: 

• A copy of the IDs from the buyer(s) and seller(s) involved in the transfer
• A filled-out OMT form

Please ensure you sign the OMT form with a wet ink signature (digital signatures are not permitted). 

When filling out the form: 

Point #3: State of Incorporation can be left blank

Point #5: Register can be left blank

Point #8: Consideration – We must also collect a monetary value for all OMTs, so this field cannot be $0. Purchases should reflect the market price of shares on the date of purchase. You can find market values quoted in daily newspapers or online.

Point #9: Date of purchase – please use the present date, i.e. the date of submission. We must collect a purchase date within three months. The purchase date will be the buyer’s purchase date, not the original purchase date of the joint applicants.

Please return the completed form to us via email, along with the following details from the external broker/platform:

• Broker’s name
• Account Name
• Account Number
• Participant ID (PID)

If you have any other questions in regards to this, please let us know. We will be happy to help guide you through filling out the form.

Fees

We currently cover the cost of these OMT requests, but this may change in the future. Please note, that your outgoing broker/platform may charge a fee for Off-Market Transfers.

How can I edit my average buy price?

We have created an easy process for you to amend your cost basis for your ASX holdings.

Click on to the share detail page of the stock you wish to edit:

• On the company page, scroll down to average buy price
• Click the edit icon next to the numerical value e.g. $0.00 
• Edit the average buy price per share with numerical values
• Select update to reflect the changes

Things to consider

You should retain any statements, dividend statements, trade confirmations, contract notes and bank account statements for your records.

As with all investments, due to the complexities involved with tax, we recommend you obtain independent & professional advice that considers your own set of facts and circumstances. The reporting available on Stake is not intended to replace any document that contains information that may be required for taxation purposes.

You are responsible for the calculation and accuracy of this information, including any tax consequences and changes to other records incorporating the average buy price.