Recently announced legislation means that listed entities are required to separately notify the market of JobKeeper payments even if that information has been included in the entity’s annual financial report.

The legislation known as The Treasury Laws Amendment (2021 Measures No. 2) Act 2021 was announced by the Australian Government in September 2021.

The announcement is in addition to any disclosure of JobKeeper arrangements that have been included in the entity’s financial report as required by Accounting Standards.

The Additional Rules Require Listed Entities To Make The Following Disclosure To The Market:

  1. the listed entity’s name and ABN;
  2. the number of individuals for whom the listed entity or a subsidiary of the listed entity received a JobKeeper payment for a JobKeeper fortnight (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020) that ended in the financial year;
  3. the sum of all JobKeeper payments the listed entity and each subsidiary of the listed entity received in a JobKeeper fortnight that ended in the financial year;
  4. 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;
  5. if the listed entity or a subsidiary of the listed entity has made such a voluntary payment or payments—the sum of those payments.

The new reporting requirements the 30th June 2021 financial year, as well as any other reporting periods during which the business receives or received JobKeeper payments. The requirements also apply to entities listed on the NSX or any other prescribed market operating in Australia.

If a listed entity has lodged its 2020 or 2021 annual financial reports prior to 15th September 2021, it must make the above announcement to the market before 12 November 2021.  Otherwise, it must make the announcement within 60 days after it lodges its annual financial report.

The penalty for not complying with this new reporting requirement is $13,320.

Covid Disaster Payments Will End When Vaccination Rates Reach 80 Percent

Federal Treasurer Josh Frydenberg has announced Covid disaster payments for workers impacted by lockdowns will be discontinued once a state and territory reaches its 80 percent vaccination mark even if some regions end up being locked down again as a result of an outbreak.

This means that income support for individuals who lost work during lockdown will likely end in New South Wales by the middle of October and in Victoria by the start of November. 

The Australian Government is looking to discontinue the payments after distributing over $9 billion in disaster payments to 2.16 million people since June 2021.  

The Australian Government will begin to wind up the payments once vaccination rates reach 70 percent of the adult population. When a region reaches 70 percent, the payment will no longer be renewed automatically. To receive the payment, workers will be required to reapply for the payment to confirm their eligibility, provided they live in an area that remains a commonwealth-declared hotspot.

Once a state or territory reaches 80 percent fully vaccination of their over-16 population, the payment will step down over two weeks before ending, and no new applications will be allowed, even if an area goes back into lockdown.

Federal Treasurer Josh Frydenberg has outlined that the payment was in line with easing restrictions as outlined in the plan signed off by national cabinet.

“As I have said before we can’t eliminate the virus, we need to learn to live with it in a Covid safe way. This means we must ease restrictions as vaccination rates hit 70-80% in accordance with the plan agreed at national cabinet,” said Federal Treasurer Josh Frydenberg.

“As restrictions ease the economy is well-positioned to bounce back. Today’s announcement about the winding down of the Covid disaster payment will provide businesses and households with the certainty they need to plan for the future,” continued Mr. Frydenberg.

The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)

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Post Author: Craig Dangar

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