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Modern Slavery Reporting Requirements
Currently the Modern Slavery Act 2018 (Cth), requires entities based, or operating in Australia, which have an annual consolidated revenue of more than $100M AUD to report annually on the risks of modern slavery (MS) in their operations and supply chains.
However, there are recommended changes to this legislation that will lower this reporting threshold to $50 million AUD.
However, there are recommended changes to this legislation that will lower this reporting threshold to $50 million AUD.
Companies that fall outside this financial threshold are still encouraged to demonstrate good practice by ‘opting in’ to reporting. Section 16 of the Act sets out the mandatory criteria that need to be addressed in the MS statement.
Businesses must prepare a statement that sets out the reporting entity’s actions to assess and address modern slavery risks in their global operations and supply chains.
These statements need to detail the actions the business has taken to address those risks. The Australian Government publishes these statements through an online central register managed by the Australian Border Force (they are made public).
These statements need to detail the actions the business has taken to address those risks. The Australian Government publishes these statements through an online central register managed by the Australian Border Force (they are made public).
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