Promotion: Towards Slavery-Free Business – Forums on Australia’s Modern Slavery Act
ELEVATE in partnership with Stop the TRAFFIK Australia
(Melbourne - 27 March & Sydney - 28 March)
Only two weeks away - ELEVATE is partnering with Stop The TRAFFIK Australia for two forums in Melbourne (27 March) and Sydney (28 March) to equip companies with information, company case studies and relevant practical tools to respond effectively to the newly enacted Australian Modern Slavery Act. The Guidance material will be available for discussion at the events, with a specific session by the implementing agency – the Department of Home Affairs at the forums.
The Modern Slavery Act has the potential to positively impact the lives of millions of people caught in slavery in supply chains. These Business Forums will bring together resources and conversation to support business in leading the future for eradicating slavery. Join us in March, registration details can be found here.
Highlights of the Australian Modern Slavery Act
- The Act was passed by the Parliament on 29 November 2018, an electronic copy of the legislation can be accessed here. This Commonwealth law came after the state New South Wales (NSW), which introduced its Modern Slavery Act in August 2018.
- Requirements of the Act: A summary factsheet of the Act by the Department of Home Affairs can be found here. Some key features of the Act include - Mandatory reporting criteria requiring reporting entities to provide information about their structure, operations and supply chains; potential modern slavery risks; actions taken to assess and address these risks; and how they assess the effectiveness of their actions. A reporting threshold of AUD$100 million annual consolidated revenue. This threshold will cover approximately 3,000 entities, including the Australian Government who will lead by example by publishing an annual consolidated statement covering Commonwealth procurement.
- Development of guidance material: Since the passing of the Act, the Department of Home Affairs (implementing agency for the Act) has worked with a business and civil society drafting group to develop detailed draft guidance and how to comply. This guidance will be shortly released for public consultation and discussed at the above-mentioned forums.
- Timeframes for reporting: The Act requires reporting entities to prepare annual statements covering the reporting entity’s twelve-month reporting period. A reporting entity’s reporting period means that entity’s financial year or other annual twelve-month accounting period used by that entity. Entities are expected to begin reporting on their first full reporting period after 1 January 2019. The first reporting period for entities operating on an Australian Financial Year will be 1 July 2019 to 30 June 2020. The first reporting period for entities operating on a calendar year will be 1 January 2020 to 31 December 2020. Reporting entities operating on other 12-month accounting periods can seek clarification from the Department about their reporting deadlines.