The reporting deadline for many entities to submit their mandatory Modern Slavery Statement is fast approaching on 31 March 2021.

For many entities, this will be the first reporting period in which they are required to report and some may not be aware of this mandatory obligation.

We have published our key insights into Modern Slavery legislation in Australia and outlined the key features below.

Application

• Covers Australian entities, or entities carrying on business in Australia, with consolidated revenue of at least AUD $100 million for the reporting period.

Obligations

• Reporting entities must produce an annual Modern Slavery Statement on modern slavery risks in the entity's operations and supply chains, as well as the actions undertaken to address those risks.
• Entities failing to submit a Modern Slavery Statement may be identified publicly by the Commonwealth if they fail to comply with a request to do so. No monetary penalties apply at this stage.

Timeframes

• Applies to reporting periods, the Australian financial year or other annual accounting period applicable to the entity, starting after 1 January 2019.
• Modern Slavery Statements are due within 6 months after the end of the reporting period, with a one-off 3 month extension for FY2020 June year ends.
• Upcoming deadlines:

We have assisted many clients across the country and the world in all industries with their Modern Slavery compliance and can provide quick and cost-effective advice, templates, and other assistance.

For more information about the Modern Slavery Act reporting obligations, including the assistance and advice we can provide to clients to comply with the requirements, please contact our team.