Wrapping up 2021 – have you submitted your modern slavery statement?

As 2021 comes to a close, the deadline for reporting under the Modern Slavery Act 2018 (Cth) (the Act) is quickly approaching.

Entities that were based (or operated) in Australia in FY2021 that had a consolidated revenue of more than $100 million must meet their obligations under the Act by submitting their modern slavery statement before 31 December 2021.

do we need to submit a modern slavery statement?

Reporting is only mandatory for ‘reporting entities’. A reporting entity is an entity that:

• had an annual consolidated revenue of more than $100 million over its 12-month reporting period; and
• was either an Australian entity or was a foreign entity carrying on business in the 12-month reporting period.

what is the due date for submission?

Reporting entities with a reporting period of 1 July 2020 to 30 June 2021 must submit their organisation’s modern slavery statement by 31 December 2021.

what happens if we do not submit our modern slavery statement by the due date?

If a reporting entity fails to submit its modern slavery statement by the due date, the Minister for Home Affairs may request the reporting entity to provide a reason for non-compliance with the reporting requirements, as well as undertaking specific remedial action. The Minister may also provide details of the non-compliance to the general public.

Failure to comply with the reporting requirements may damage your entity’s reputation and undermine your ability to do business.

we are not a reporting entity, do we still need to submit our modern slavery statement?

If your business does not meet the requirements of a reporting entity under the Act, you are not required to submit your modern slavery statement.

You may, however, choose to voluntarily report. Voluntary reporting may be beneficial to your business by demonstrating strong corporate responsibility. However, if you commit to voluntarily report but fail to report as required under the Act, your business may be treated the same way as other reporting entities that do not comply with the Act.

we do not have a modern slavery statement, is it too late?

If you are a reporting entity for FY2021, it is not too late to prepare and submit your modern slavery statement by the due date. Our Commercial team can work with you to prepare your modern slavery statement before the 31 December deadline.

If you have any questions regarding your obligations under the Act or if you are unsure of your reporting status, please contact Ed Browne or our Commercial team.

The information contained in this article is general in nature and cannot be relied on as legal advice nor does it create an engagement. Please contact one of our lawyers listed above for advice about your specific situation.