1. What is Off Market Transfer (OMT)?
Off-Market Transfer (OMT) allows shares to be transferred between two different parties without trading on the ASX. If you want to transfer shares from your Tiger account to another individual or entity, you'll need to complete an OMT form. The end result is a change in the ownership of shares.
2. Off-Market Transfers types with Tiger Brokers:
Between accounts under different names within Tiger Brokers.
To another broker with a different named account (HIN required).
To a shareholder registry account (SRN required).
3. How to Apply for Tiger's Off-Market Transfer?
To apply for an off-market transfer, you need to:
1) Fill out Tiger’s OMT form.
2) Provide ID and other documents, ensuring the OMT form is signed with a wet signature (no electronic signatures are accepted). Both buyer and seller must submit identification copies. If the shares are held by a share registry or are leaving Tiger, certified ID documents are required.
4. Does Tiger Charge Fees for OMT?
Yes, Tiger charges an AUD $50 fee (including GST) for off-market transfers, whether it’s between internal Tiger accounts or shares leaving Tiger. This fee is typically charged to the seller’s account. However, no fee applies when transferring shares into a Tiger account via OMT.
5. How to Get and Submit the OMT Form?
You can download the form by clicking “here” or request it via email or post through our customer service team. Once completed, you can submit it by replying to the original email or sending it to institute_service@itiger.com.
6. What Happens After You Submit the OMT Request?
Our team will review the request and contact you if further information is needed. Once the transfer is completed, your holdings will be updated in your account, and the process is typically completed within a week. You will receive updated holding statements to confirm the transfer.
7. Tax Implications of Off-Market Transfers:
Tax issues related to OMT can be complex, and Tiger does not provide tax advice. We recommend seeking independent and professional advice from an accountant. Both buyers and sellers should keep copies of account statements, dividend statements, trade confirmations, contract notes, and bank statements for future reference.
8. For Further Information:
If you have more questions or need additional details regarding Off-Market Transfers, feel free to contact our customer service team:
Phone: 02 9169 6999