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You will need to prepare and submit a Modern Slavery Statement (MSS) if your business:
Due to the impacts of COVID-19 the federal government has extended the deadline for businesses to lodge statements in 2020 by three months. This means that, for example, if your reporting period was 1 July 2019 – 30 June 2020 and you were originally required to lodge an MSS by 31 December 2020, you now have until 31 March 2021 to lodge a statement. Further information is provided below.
Calculating consolidated revenue must be done in accordance with the Australian Accounting Standards (AAS). You will need to use these standards even if they do not normally apply to your business.
Under the AAS the concept of consolidated revenue is used to describe the total revenue of your business and any businesses you control. AASB 10 Consolidated Financial Statements explains how to determine if one business controls another.
Your business will be an Australian business if it is a company, trust or corporate limited partnership that is a resident in Australia for income tax purposes. In most cases you should already know whether your entity is a resident for tax purposes.
Your entity will also be an Australian entity and need to provide a report if your business is formed or incorporated in Australia or if the central management and control of your entity is in Australia.
The legal threshold to determine if you are carrying on a business is Australia is set by section 21 of the Corporations Act. However, you should already know if your entity is carrying on a business in Australia as all foreign corporations carrying on business in Australia must register with ASIC.
|Annual Reporting Period||First reporting period||Original due date for a MSS||New extended deadline|
|1 July – 30 June||1 July 2019 – 30 June 2020||No later than 31 December 2020||31 March 2021|
|1 January – 31 December||1 January 2020 – 31 December 2020||No later than 30 June 2021||No change|
|1 April – 31 March||1 April 2019 – 31 March 2020||No later than 30 September 2020||31 December 2020|
For further information, view the ‘Guidance for Reporting entities’ published by the Department of Home Affairs.
This information is part of a series on modern slavery reporting requirements aimed at assisting members understand the requirements. See the related documents contained in the ‘What to read next’ section for more information.
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