Modern slavery reporting deadline approaching

2 minute read  24.03.2021 Julie Whitehead, Jordan Phillips

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


Key takeouts


  • All reporting entities must submit their Modern Slavery Statements by the deadlines.
  • This applies to entities with at least AUD $100 million consolidated revenue and are carrying on business in Australia.
  • For entities with a financial year reporting period of 1 July 2019 to 30 June 2020, the statement due date is 31 March 2021.

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:
Reporting period Statement due date
 1 July 2019 to 30 June 2020 31 March 2021
1 January 2020 to 31 December 2020 30 June 2021
1 April 2020 to 31 March 2021 30 September 2021
1 July 2020 to 30 June 2021  31 December 2021

 

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.

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