Australia: Listed entities required to disclose JobKeeper payments (COVID-19)

Specific information that listed entities (and subsidiaries) must disclose about JobKeeper receipts

Specific information that listed entities must disclose about JobKeeper receipts

Listed entities are required to disclose the amount of JobKeeper payments received and returned for each financial year.

The JobKeeper program was established to provide employment-related relief in response to the coronavirus (COVID-19) pandemic.

The Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 (enacted 13 September 2021) requires that listed entities disclose the amount of JobKeeper payments that they (and their subsidiaries) received and then (if any) how much they returned for each financial year.

  • The information is disclosed in a notice to the market operator (the Australian Securities Exchange (ASX)) and is due within 60 days from the date of enactment for entities that have already filed their financial reports for a financial year.
  • For those listed entities that have not yet filed their financial reports, the notice needs to be lodged within 60 days from when the financial report is lodged.

Specific information that the listed entity must disclose in the JobKeeper notice includes:

  • The number of employees with respect to which the listed entity and its subsidiaries received a JobKeeper payment for a fortnight within that financial year
  • The total amount of JobKeeper payments received in the financial year
  • Whether or not the listed entity or a subsidiary of the entity has made one or more voluntary repayments (whether or not in the financial year the JobKeeper payments were received) and if repayments were made, the total amount of any voluntary JobKeeper repayments that the listed entity and its subsidiaries made during the financial year

KPMG observation

Many listed entities have included JobKeeper payment amounts and other related information within their financial report. The financial report would recognise JobKeeper payments on an accruals basis, whereas the new notice requirements mandate disclosure of JobKeeper payments actually received. Therefore, listed entities need to consider explaining in the notice differences between what is disclosed in the financial report and notice.

A listed entity that has already filed its financial report for a year in which it received a JobKeeper payments, it needs to file the notice with the market operator within 60 days from 13 September 2021. If the listed entity has not yet filed its financial report for the year which it received a JobKeeper payment, it must give the notice to the market operator within 60 days of the filing of its report for the financial year.


Read an October 2021 report [PDF 133 KB] prepared by the KPMG member firm in Australia


For more information, contact a KPMG tax professional in Australia:

Kim Heng | +61 2 9455 9120 | kheng@kpmg.com.au

Ben Seumahu | +61 7 5577 7464 | bseumahu@kpmg.com.au

 

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