Listed entities required to disclose JobKeeper payments under new legislation.

Corporate Update

7 Oct

Written By AGH Law

In this previous Insight, we noted that the Treasury Laws Amendment (2021 Measures No. 1) Act 2021 had passed both Houses of Parliament. Now, the Federal Government has passed new legislation which requires listed entities to provide a notice to their market operator disclosing any JobKeeper payments that it received during the financial year. That new legislation is the Treasury Laws Amendment (2021 Measures No. 2) Act 2021 (TLA 2 Act).

Who must disclose?

The TLA 2 Act disclosure requirements apply to ASX and NSX listed entities which received a JobKeeper payment in the financial year (including via their subsidiaries).

Required disclosure

Under the TLA 2 Act, the notice must disclose the following information:

the listed entity’s name and ABN;

the number of individuals for whom the listed entity (or a subsidiary) received a JobKeeper payment for a JobKeeper fortnight that ended in the financial year;

the sum of all JobKeeper payments that the listed entity (and its subsidiaries) received in a JobKeeper fortnight that ended in the financial year;

whether or not the listed entity (or a subsidiary) made any voluntary repayments of JobKeeper payments (whether or not in the financial year); and

the sum of any voluntary repayments made.

Under the TLA 2 Act, ASIC must also publish on its website a consolidated report of all notices given to market operators.

It is important to note that the disclosure required under the TLA 2 Act is in addition to any disclosure regarding JobKeeper payments that the entity has already made in the entity’s financial report.

When is disclosure required?

The TLA 2 Act requires that notice is given:

if the listed entity has lodged a report for the financial year with ASIC on or before 14 September 2021 - within 60 days after that day; or
otherwise, within 60 days after the listed entity lodges a report for the financial year with ASIC.

If a listed entity becomes aware that a notice given in accordance with the TLA 2 Act has become outdated or incorrect, the listed entity must give their market operator an updated notice for release to the market within 60 days of becoming so aware.

Failure to comply with the TLA 2 Act

Failure to comply with the TLA 2 Act is a strict liability offence which carries a penalty of $13,320 (60 penalty units).

If you have any queries about how the introduction of the TLA 2 Act affects you, get in touch with our team.

Important

The contents of this publication should not be relied upon as legal advice, but instead as commentary and general information. Specific legal advice about your circumstances should always be sought separately before taking any action based on this publication.

Liability limited by a scheme approved under Professional Standards Legislation.