Article:

Listed entities to disclose JobKeeper

19 October 2021

Aletta Boshoff, Partner
National Leader, IFRS Advisory
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This article was updated 19 October 2021.

The recent passing of the Treasury Laws Amendment (2021 Measures No. 2) Act 2021 on 13 September 2021 introduces a new s323DB to the Corporations Act 2001 that requires listed entities to provide a notice to the ASX, for release to the market, if it, or a subsidiary, received JobKeeper payments during the financial year.

What information does the listed entity need to provide?

The notice must include the following information:

  • Name and ABN of the listed entity
  • Number of individuals for whom the listed entity, or a subsidiary of the listed entity, received a JobKeeper payment for a JobKeeper fortnight 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 during 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 back to the Commonwealth - the sum of those payments.

Is there a standard form for the information required by the notice?

As this is a Corporations Act requirement, ASIC has created a ‘JobKeeper s323DB notice’ to help entities comply with these new reporting obligations if they have received any JobKeeper payments. The ‘JobKeeper s323DB notice’ can also be found on the ASX Online for Companies webpage under the ‘Forms’ tab.

How and when must the notice be given to the ASX?

The 'JobKeeper s323DB notice' should be released to the market (ASX) as a standalone announcement clearly identifying it as a JobKeeper payment notice.

If the listed entity has received a JobKeeper payment and lodged their annual reports for the financial year with ASIC before 14 September 2021, it will have 60 days from the 14 September 2021 to give their notice to ASX (i.e. on or before Friday, 12 November 2021).

For all other listed entities that received a JobKeeper payment, the notice must be given to ASX within 60 days from when its annual report is lodged with ASIC.

Which financial year(s) does the JobKeeper s323DB notice apply to?

The JobKeeper s323DB notice applies to all financial years during which JobKeeper payments were received by the listed entity.

JobKeeper payments were received by entities from April 2020 through to March 2021. Depending on the entity’s reporting date, JobKeeper payments may have crossed over more than one financial year. While an entity with a 31 March year-end may have received all of its JobKeeper payments during one financial year, an entity say with a 30 June or 31 December year-end would have received JobKeeper payments across two year-ends as follows:

  • 30 June year-end: during 30 June 2020 and 30 June 2021 financial years
  • 31 December year-end: during 31 December 2020 and 31 December 2021 financial years.

Example: 30 June year-end

Listed Entity ABC received JobKeeper payments during the financial years ended 30 June 2020 and 30 June 2021.

Listed Entity ABC lodged its 30 June 2021 annual report with the ASX on 31 August 2021. As this was before the commencement date of this legislation, it has 60 days from 14 September 2021 to lodge its JobKeeper s323DB notice with the ASX, i.e. by 12 November 2021.

The information contained in the JobKeeper s323DB notice for Listed Entity ABC must therefore include the information noted above for both the 30 June 2020 and 30 June 2021 financial years. The information should be provided separately for each financial year.

Example: 31 December year-end

Listed Entity DEF received JobKeeper payments during the financial years ended 31 December 2020 and 31 December 2021.

Listed Entity DEF lodged its 31 December 2020 annual report with the ASX on 28 February 2021. As this was before the commencement date of this legislation, it has 60 days from 14 September 2021 to lodge its JobKeeper s323DB notice with the ASX, which will include the information noted above for the 31 December 2020 financial year.

Once the 31 December 2021 annual report is finalised, Listed Entity DEF will then have 60 days from the date it files its annual report to lodge the JobKeeper s323DB notice with the ASX, including the information noted above for the 31 December 2021 financial year.

Contact us for more information.