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Australian entities were due to submit their report by 31 December 2020. However, in response to COVID, the Federal Government extended the reporting deadline to 31 March 2021 for businesses with the reporting period of 1 June 2019 to 30 July 2020.
Reporting is mandatory for businesses (including foreign entities carrying on business in Australia) with a consolidated annual revenue of $100m, and requires lodgement of an annual Modern Slavery Statement with the Australian Border Force Modern Slavery Registry, which are then made publicly available. Other businesses can report voluntarily.
Due to the public nature of the Australian Border Force Modern Slavery Registry, care needs to be taken to ensure submitted statements are an accurate reflection of the company's activities and values. Failure to comply, or give effect to the intent of the legislation, may result in reputational damage to your brand.
If your business meets the above criteria, or you’d like to submit a voluntary report, contact us now to ensure you’re prepared to lodge your submission.
Proactive stress testing to manage macroeconomic risk, strengthen financial stability and banking
Grant Thornton worked with AUSTRAC (the federal Anti-Money Laundering regulator) to support the development of their new AML/CTF Starter Kits released this week, designed specifically for Tranche 2 sectors including lawyers, real estate professionals, accountants, and conveyancers.
In the latest episode of Beyond the Numbers with Grant Thornton, our Brisbane Office Chair and Tax Partner Sian Sinclair and Risk Consulting Partner Jarrod Lean discuss opportunities, challenges, procurement risks and strategies.
