Modern Slavery Act is active since last year in Australia, but now in 2020, all the major firms have to produce and present statements about their anti-slavery measures. This Australia’s version of the Act doesn’t just require companies to provide statements they are providing for many years. As compared to the UK, this modern act requires more attention and dedication while producing statements.

The areas covered by this act

So basically, the modern slavery act would be implemented in businesses all over the world. Your company will immediately fall under the list of companies that are required to present anti-slavery statements if your annual revenue lies around AU$ 100! So, if you’re earning around 100 dollars a month, you’re bound to present your statements.

Statement deadline

Statements are meant to be submitted after 1st and a half years of the company’s foundation if the company was established on Jan 01. Most of the companies lay their foundation on April 01 in Australia. That means the controllers are required to submit their statements on Sept 30 of the next year, as their first year will end on March 31 of the last year.

So, the owners will have not more than 1 and a year to produce their anti-slavery reports and establish anti-slavery policies right from the start. Nevertheless, you can always look up on the internet and know more about the Modern Slavery act Australia.

What are the companies required to do?

Companies are required to produce an annual report about their anti-slavery measures. They are required to mention each and every risk that involves slavery, and what steps and procedures are carried out in the firm to decrease or eliminate those risks. This statement will also include an analysis of the company’s supply chain.

The government took this measure and passed this resolution to enforce companies to do something about Modern Slavery. With this law, the aim is to eradicate this cruelty and make this world slavery-free and a better place.

What would the annual statement include?

Your company’s annual statement will comprise of seven parts altogether. Amongst them, the most important will include the possible modern slavery traces in your day to day business transactions.

Moreover, it will include what measures you’ve taken to overcome the slavery risks with due diligence. Also, how do you think the company believes that the mentioned measures are effective against slavery risks.

UK’s version vs Australia’s version

The companies that have already provided statements according to United Kingdom’s anti-slavery act can present the same statement for Australia’s version. But here’s the thing, Australia only entertains the UK’s statement as long as it meets all the required demands of Australia’s statement. For example, Australia’s law emphasizes the companies to provide their due diligence and remediation with the suppliers, on the other hand, UK’s law doesn’t require these.

That means, even if everything else meets the required criteria if you got the UK’s version of the statement, you’ll have to make some amendments.