This question on the Company Registration form is relevant in a context where the shares are held by the trustee of a trust for the benefit of a beneficiary to the trust. In every other case, it should be answered "No".
On the ASIC extract, this information will show as "Beneficially Held: Yes/No"
If you are not holding the shares for a beneficiary
If you are the main recipient (not holding for a trust) then select 'shares held on behalf of another trust, individual or organisation: No.
If you are holding the shares on trust for another
If you are holding shares on behalf of another trust, individual or organisation, select: Yes.
Ensure you enter the full correct name of the individual or organisation (e.g. ABC Beneficiary Pty Ltd) that is the beneficiary, as that name will appear on the Company Share Certificates.
You can find and resume your application here: RESUME
Or can book a time to speak with a company registration expert here