As explained in a previous communication, the Corporations Act has recently been amended to include new disclosure requirements relating to Jobkeeper. Specifically, section 323DB of the Corporations Act sets out the required disclosure obligations. These new reporting obligations are only imposed on listed entities.
The new Jobkeeper reporting obligations commenced on 14 September 2021 and require listed entities that received Jobkeeper payments to provide notice to the relevant market operator. Such notice must include:
- the listed entity’s name and ABN
- the number of individuals for whom the entity or its subsidiaries received Jobkeeper payments each fortnight that ended in the financial year
- the total amount of Jobkeeper payments the entity and its subsidiaries received in a Jobkeeper fortnight that ended in the financial year
- whether or not the entity or its subsidiaries made voluntary repayments of Jobkeeper payments, and the total amount of those repayments if they did.
To assist listed entities, ASIC has created a Jobkeeper notice (called the Jobkeeper Payments Notification form) which is available on the ASX and NSX websites. While it is not mandatory for a listed entity to use this form, listed entities are encouraged to do so as it will ensure that a Jobkeeper notice contains all the mandatory information required under section 323DB(2). In addition to the notice, ASIC has also issued guidance in the form of FAQs to help listed entities complete the notice correctly.
In terms of timing of the notices, listed entities that have lodged their annual financial reports for the applicable financial year with ASIC on or prior to 14 September 2021 have until 13 November 2021 to notify the market as required by the amendments. Listed entities that lodge their annual financial reports after 14 September 2021 will have 60 days from the date their annual financial report is lodged with ASIC to notify the market.
ASIC will publish the reported Jobkeeper information in a consolidated report and stresses that listed entities must ensure that the Jobkeeper information they disclose is accurate and up-to-date.
Should you need any assistance, please contact your local HLB adviser.