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New Member
Posts: 1
Registered: ‎25-07-2017

Not chess sponsored?

So i've heard that this platform isn't chess sponsored with the shares and i'm still kind of a newbie in regards to this kind of stuff what repercussions can come from this was just wondering?
Moderator
Posts: 293
Registered: ‎08-04-2016

Re: Not chess sponsored?

Hi @Jeridan, thanks for your post!

 

I can confirm that our Australian share trading service is indeed not CHESS sponsored.  Instead of this, we operate on the 'custody' model, which means that instead of you - the client - being personally listed on CHESS, it is a Citicorp nominee, with yje client being the ultimate beneficiary of the shares.  This is the standard practice internationally, hence we we have chosen to operate in this way. There is no real change or implication for you as an IG client.

 

To reassure any concerns you have regarding the safety of your holdings under such a custody model, we maintain any client shares completely segregated from IG or Citicorp's assets, and in the event of either company folding you would still receive your shares.

 

I hope this clarifies, but please let me know if have any further questions.

 

Thanks,

Hannah

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New Member
Posts: 1
Registered: ‎04-02-2018

Re: Not chess sponsored?

Hi, what about the franking credits? Do we have they passed on to us? Also the tax complications and calculations ?is it all the same without a HIN? I m not sure ATO can calculate the tax and franking credits if the shares are not under my HIN?

New Member
Posts: 1
Registered: 3 weeks ago

Re: Not chess sponsored?

Hey mate did you end up finding any info regarding this?

Moderator
Posts: 149
Registered: ‎05-10-2017

Re: Not chess sponsored?

Hi @Jay1985 and @mcgetzz

At the end of each financial year, a specific document will be provided via the online platform that details the Franked/Unfranked dividends as well as Franking credits and other income applicable on your account.

I hope the above clarifies. 

Thanks
Jasmine 

New Member
Posts: 1
Registered: 3 weeks ago

Re: Not chess sponsored?

Do we also receive dividend statements throughout the year when we receive our dividends, and can we opt in to a Dividend Reinvestment Plan without a HIN?

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Community Manager
Posts: 1,154
Registered: ‎20-09-2016

Re: Not chess sponsored?

Hey @emarys - you will receive a statement RE: dividends each time one is paid, however currently there are no options for a div reinvestment plan (although we are looking into it).