Listed companies will have to disclose publicly the amount of JobKeeper payments received, how many employees the payments related to, and how much (if any) they returned to the government for each financial year.
Under the Treasury Laws Amendment (2021 Measures No.2) Act 2021, listed entities are required to disclose the relevant information in a notice to the Australian Securities Exchange, within 60 days of the Bill being enacted, or within 60 days of the financial report being lodged (if this date is later).
A template for making the written notice will be released by ASIC by mid-October.
Ralph Martin, Technical Director for RSM, said:
“There has been considerable media scrutiny on companies who have received JobKeeper, particularly if they have remained profitable, and have not experienced a decrease in revenue."
"By ensuring that entities provide this information in a simple and consistent manner, this measure aims to ensure the transparency that investors and other users of financial information are seeking in respect of the extent of government support.”
“However, it is important to remember that profitability, or lack thereof, was never a condition for receipt of JobKeeper. We do not believe businesses that have acted lawfully should be stigmatized for taking advantage of available government support, given that in early 2020 it was impossible to predict the extent of any economic impact of COVID-19”, adds Ralph.
For more information
For more information on whether your listed company is required to disclose JobKeeper payments, please contact your local RSM office.