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As the pressure mounts on the Federal Government for greater transparency around its JobKeeper program, the Federal Parliament has passed legislation requiring all listed entities to publicly announce to ASX certain details of JobKeeper payments they (or any of their subsidiaries) received in FY21, including whether or not they have voluntarily paid any of it back. ASIC will also publish a consolidated report on its website.
Who is required to give this notice?
A listed entity must give a notice to its market operator (ASX or NSX) if it, or one of its subsidiaries, received a JobKeeper payment in a financial year, starting with FY21.
What details have to be disclosed about JobKeeper payments?
The notice must set out the following information for each financial year:
At this stage, no particular form of notice has been prescribed. ASX announced on 30 September that it will shortly publish a template ‘JobKeeper s323DB notice’ on the ASX Online for Companies webpage, which listed entities should use.
When does the notice have to be given?
The notice must be given either:
This ASX filing must be given for each financial year in which a JobKeeper payment was received.
If the listed entity becomes aware that a notice it has given is out of date or is otherwise not correct, it must lodge a corrected notice with ASX (or NSX as applicable) within 60 days of becoming aware of the error.
Failure to lodge a notice (or a corrected notice) is a strict liability offence, attracting a penalty of 60 penalty units (i.e. $13,320).