What does it mean for shares to be non-beneficially held?
Any person or a legal entity can own shares in a Pty Ltd company. If the owner of the shares is entitled to the direct benefit from the shares, the shares are beneficially held. If the shares of the company are owned for the benefit of someone else, then the shares are not beneficially held.
A beneficial owner is a person who enjoys the benefit of ownership even though the title of the asset is in name of another person/entity.
If the beneficial owner of shares is a trust, the shares will be held non-beneficially by the trustee(s) of the trust.