Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (72 of 2025)

Schedule 4   Minor and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 2   Sustainability reporting

Corporations Act 2001

13   At the end of Division 2 of Part 10.77

Add:

1707DA Reports not required under section 292A

(1) This section applies if a company, registered scheme, registrable superannuation entity or disclosing entity:

(a) is not required to prepare a sustainability report for a particular financial year that commences during the 3 years starting on the start date; but

(b) prepares a document that:

(i) would be a sustainability report for the year if the company, scheme or entity were required to prepare a sustainability report for the year; and

(ii) contains a declaration, in accordance with subsection (2), that the directors intend that this section apply to the document.

(2) For the purposes of subparagraph (1)(b)(ii), the declaration must:

(a) be made in accordance with a resolution of the directors; and

(b) specify the date on which the declaration is made; and

(c) be signed by a director.

(3) To avoid doubt, the declaration referred to in subparagraph (1)(b)(ii) of this section is in addition to the declaration referred to in paragraph 296A(1)(e).

Note: See also section 1707C.

(4) The following provisions apply in relation to the document mentioned in paragraph (1)(b) of this section as if the company, scheme or entity were required to prepare a sustainability report for the year:

(a) section 296E (ASIC directions);

(b) section 301A (audit of annual sustainability report);

(c) section 1707D (limited immunity for statements in new sustainability reporting).

(5) To avoid doubt:

(a) if the year commences during the 3 years starting on the start date - a reference in subparagraph 1707D(3)(a)(ii) to an auditor's report of an audit or review of a sustainability report mentioned in subparagraph 1707D(3)(a)(i) includes a reference to an auditor's report, on the document mentioned in paragraph (1)(b) of this section, required by section 301A (as that section applies under subsection (4) of this section); and

(b) if the year commences during the 12 months starting on the start date - a reference in subparagraph 1707D(4)(a)(ii) to an auditor's report of an audit or review of a sustainability report mentioned in subparagraph 1707D(4)(a)(i) includes a reference to an auditor's report, on the document mentioned in paragraph (1)(b) of this section, required by section 301A (as that section applies under subsection (4) of this section).

1707DB Documents specified by exemption orders

Orders

(1) This section applies in relation to an order that, under subsection 342C(2), provides that paragraph 342C(4)(b) applies to a document for a financial year that commences during the 3 years starting on the start date.

(2) The order may provide that paragraph (4)(b) of this section applies to a specified statement made in the document.

(3) Section 342 does not limit subsection (2) of this section.

Relief condition reports

(4) Subsection (5) applies to a statement if:

(a) the statement is made in a relief condition report (within the meaning of subsection 342C(4)) for the year; and

(b) the order provides under subsection (2) of this section that this paragraph applies to the statement for the year.

(5) Section 1707D (limited immunity for statements in new sustainability reporting) applies in relation to the statement as if:

(a) the relief condition report were a sustainability report for the financial year; and

(b) the references in subparagraphs 1707D(3)(a)(i) and (4)(a)(i) to complying with a sustainability standard were omitted; and

(c) to avoid doubt:

(i) if the year commences during the 3 years starting on the start date - a reference in subparagraph 1707D(3)(a)(ii) to an auditor's report of an audit or review of a sustainability report mentioned in subparagraph 1707D(3)(a)(i) were a reference to an auditor's report, on the relief condition report, required by section 301A (as that section applies under subsection 342C(6)); and

(ii) if the year commences during the 12 months starting on the start date - a reference in subparagraph 1707D(4)(a)(ii) to an auditor's report of an audit or review of a sustainability report mentioned in subparagraph 1707D(4)(a)(i) were a reference to an auditor's report, on the relief condition report, required by section 301A (as that section applies under subsection 342C(6)).