By Fiona Yiend
Large Australian businesses are required to report their actions in assessing and addressing modern slavery risks in their global operations and supply chains, via an annual Modern Slavery statement.
The reporting requirements were introduced by the federal government in response to global action to combat rising modern slavery, under legislation that came into effect on 1 January 2019.
By having businesses consider and report on how their practices impact modern slavery, large businesses and their suppliers can better work collaboratively together to remove or reduce the risk of modern slavery being part of the business landscape.
Does this apply to your business?
The Commonwealth Modern Slavery Act 2018 established a national modern slavery reporting regime that entered into force on 1 January 2019. It applies to entities, including trusts, government entities and corporations, that have:
- consolidated revenue of at least $100 million for the relevant reporting period (a financial year), and which
- are Australian entities, or
- undertake business in Australia in that financial year.
Entities that are required to report must prepare an annual Modern Slavery Statement and lodge the Statement with the Australian Border Force within six months of the end of their financial year. If your financial year ends 30 June 2020, the Statement is due by 31 December 2020.
We’ve put together a guide on what businesses need to do to address the Modern Slavery requirements. It includes what modern slavery is, who has to report and how, and what the statement needs to address.
Talk to us if you require advice in relation to your reporting obligations or if you need assistance drafting your Modern Slavery Policy or Statement.
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