Mandatory JobKeeper reporting for listed entities
Corporate News - 23 September 2021
As a result of the Treasury Laws Amendment (2021 Measure No. 2) Bill 2021 (TLA2), all listed entities now need to provide a notice to their market operator containing details of any JobKeeper payments received by the listed entity, or any of its subsidiaries, in a financial year. The notice will then be published by ASIC on its website.
Whilst TLA2 specifies the information to be included in the notice (including the sum of all payments and whether any voluntary repayments have been made), at this stage the form of the notice is unknown. We will update clients once further information becomes available.
In terms of timing, the notice must be given either:
- if the listed entity lodged its report for the financial year with ASIC on or before 14 September 2021 (being the day after the TLA2 received Royal Assent), within 60 days after that day; or
- otherwise, within 60 days after the listed entity lodges its report for the financial year with ASIC.
Any failure to lodge a notice is a strict liability offence with a maximum penalty of 60 penalty units (i.e. $13,320). In addition, any incorrect statements must be re-lodged with the correct information within 60 days of the company becoming aware of the error. This requirement is also a strict liability offence attracting a penalty of 60 penalty units (i.e. $13,320).
Please contact us in our Perth or Melbourne offices for further information.