New legislation requires listed entities to separately notify the market of Jobkeeper payments even if that information has been included in the entity’s annual financial report.
The Treasury Laws Amendment (2021 Measures No. 2) Act 2021 introduced a new reporting requirement for listed entities to notify the market if the listed entity, or a subsidiary of the listed entity, received a Jobkeeper payment (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 during the financial year.
The market announcement is in addition to any disclosure of Jobkeeper arrangements that have been included in the entity’s financial report as required by Accounting Standards.
The additional rules require listed entities to make the following disclosure to the market:
- the listed entity’s name and ABN;
- the number of individuals for whom the listed entity or a subsidiary of the listed entity received a Jobkeeper payment for a Jobkeeper fortnight (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020) that ended in the financial year;
- the sum of all Jobkeeper payments the listed entity and each subsidiary of the listed entity received in a Jobkeeper fortnight that ended in the financial year;
- whether or not the listed entity or a subsidiary of the listed entity has made one or more voluntary payments (whether or not in the financial year) to the Commonwealth by way of a repayment of Jobkeeper payments received by the listed entity or a subsidiary of the listed entity in the financial year;
- if the listed entity or a subsidiary of the listed entity has made such a voluntary payment or payments—the sum of those payments.
The new reporting requirements apply not only for the 30 June 2021 financial year, but to any other annual reporting periods during which the entity receives or received Jobkeeper payments. The requirements also apply to entities listed on the NSX or any other prescribed market operating in Australia.
If a listed entity has lodged its 2020 or 2021 annual financial reports prior to 15 September 2021, it must make the above announcement to the market before 12 November 2021. Otherwise, it must make the announcement within 60 days after it lodges its annual financial report.
The penalty for failing to comply with this new reporting requirement is $13,320.
If you have any questions, or would like any information on what these changes mean for you, please contact your Nexia Advisor.
Article by Martin Olde