Details
When a unit trust issues new units, the trust deed sets out how units can be issued and how the issue price is calculated. Check the trust deed before you record the allotment.
Use Allotments to issue new units to a new or existing unitholder after the trust is established. To record the first units issued to the original subscribers when the trust was set up, use Initial instead.
Navigation
| From the Main Toolbar, go to Trust. | |
| Select the Unit Trust from the list. | |
| Select Unitholders. |
Click Add Transaction +
Select Allotment.
Instructions
CAS 360 will display the Allotment screen.
| Field | Explanation |
|---|---|
1. Unit Details | |
| Transaction Date | Input the date of the allotment. |
| Allottee |
In the Allottee field, begin typing the new unitholder's name. CAS 360 will search the Global Contacts screen for the person. If the contact has not been previously added to the Global Contacts screen, + Add New will display. Click + Add New |
| Beneficial Owner | If the units are held on behalf of another person, organisation or trust, turn on the toggle for Are the units held on behalf of another person, organisation or trust? and select the beneficial owner. See beneficial owners for more information. |
| Unit Type |
In the Unit Type field, begin typing the name of the unit type to be allotted. CAS 360 will begin a search for previously added unit types. If the unit type has not been previously created, + Add New will display. Click + Add New |
| Number Of Units | Input the number of units allotted. |
| Consideration Type | Select the consideration given to acquire the units. |
| Premium Paid Per Unit | Input the amount paid for each unit, in decimals. |
| Premium Unpaid Per Unit | Input any amount still unpaid for each unit, in decimals. |
| Meeting Status | Select the meeting status of the unitholder which will display on the Resolutions. |
| Notes | Click the text box to add extra notes which will show on the Register of Unitholders. |
2. Certificate Details | |
| Certificate Type |
CAS 360 will automatically select Transaction. Leave as is. Note: CAS will determine the most appropriate type of certificate for the current unit transaction. If the person is transferring or redeeming all their units, CAS will determine that NO unit certificate is required. If the person is transferring or redeeming some of their units, CAS will determine that a BALANCE unit certificate is required. Otherwise, CAS will select a TRANSACTION unit certificate. |
| Certificate Number | This will be the unit certificate number. CAS 360 will automatically pre-fill a number based on previous unitholder transactions. |
| Certificate Location | Input the location of the unit certificate. |
| Unique Numbers | Input any unique numbers assigned to the units. |
Click Save.
Forms Prepared
CAS 360 will display the Document Production screen and automatically select the documents required:
- Register of Unitholders
- Trustee Meeting Minute or Resolution
- Unit Certificate
- Unit Allotment Journal
- Notice of Beneficial Ownership (only if a Beneficial owner was selected)
- Declaration of Trust (only if a Beneficial owner was selected)
- Unitholders Minutes or Resolutions
- Application for Units
How to issue new units in a unit trust? To issue new units in CAS 360: Go to the unitholders tab in the selected trust. Click add transaction, then click allotments. Enter the unitholder details and the details of the unit allotment, then click save.
Allotment or initial? Use allotments to issue new units after the trust is established. Use initial only to record the units issued to the original subscribers when the trust was set up.