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Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020

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1028

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020

 

 

(1)     Clause  2 , page 2 (at the end of the table), add:

8.  Schedule 3

The day after this Act receives the Royal Assent .

 

[commencement]

(2)     Page 33 (after line 21) , at the end of the Bill, add:

Schedule 3 Repaying jobkeeper payments

   

Coronavirus Economic Response Package (Payments and Benefits) Act 2020

1  After section 7

Insert:

7A   Requirements for rules that provide for jobkeeper payments scheme—conduct by entities that indicates jobkeeper financial support not necessary

             (1)  If the rules provide for a kind of payment that is intended to assist businesses affected by the Coronavirus to cover the cost of wages of their employees (whether known as a jobkeeper payment or otherwise), the rules relating to that kind of payment (the jobkeeper scheme rules ) must comply with the requirements in subsections (2) and (3).

             (2)  The jobkeeper scheme rules must provide that an entity is taken not to be, or not to have been, entitled to a payment under the jobkeeper scheme rules if:

                     (a)  during the prescribed period the entity:

                              (i)  pays dividends to shareholders of the entity; or

                             (ii)  pays a bonus to an executive or other officer of the entity; or

                            (iii)  makes other payments of a similar nature that relate to distributing profits of the entity; and

                     (b)  the Commissioner is satisfied, having regard to:

                              (i)  the amount of the dividend, bonus or other similar payment and the extent to which it exceeds the amount of the last such payment made by the entity; or

                             (ii)  any other matters the Commissioner considers relevant;

                            that the entity’s conduct in making those payments indicates that the entity was not affected directly or indirectly by the Coronavirus known as COVID-19 to the extent that the entity required financial support under this Act.

Note:          Under section 9 of this Act, if an entity was not entitled to a payment, the entity is liable to repay the amount to the Commonwealth.

             (3)  To avoid doubt, rules made for the purposes of subsection (2) must be able to apply to an entity that has already received a payment before the commencement of this section.

[entities to repay jobkeeper]