Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.77 - APPLICATION AND TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 4 TO THE TREASURY LAWS AMENDMENT (FINANCIAL MARKET INFRASTRUCTURE AND OTHER MEASURES) ACT 2024  

Division 2 - Sustainability reporting  

SECTION 1707B   APPLICATION OF AMENDMENTS - SUSTAINABILITY REPORTING  

1707B(1)    
Section 292A , as inserted by Part 1 of the amending Schedule, applies to an entity for a financial year if:

(a)    both of the following subparagraphs apply:

(i) the financial year commences during the first transitional period;

(ii) subsection (2) or (4) of this section applies to the entity for the financial year; or

(b)    both of the following subparagraphs apply:

(i) the financial year commences during the second transitional period;

(ii) subsection 296B(2) , (4) or (5) applies to the entity for the financial year; or

(c)    the financial year commences on or after 1 July 2027.

Entities with new reporting for a financial year commencing during first transitional period

1707B(2)    
This subsection applies to an entity for a financial year if:

(a)    the entity satisfies at least 2 of the following subparagraphs:

(i) the consolidated revenue for the financial year of the entity and the entities it controls (if any) is $500 million or more;

(ii) the value of the consolidated gross assets at the end of the financial year of the entity and the entities it controls (if any) is $1 billion or more;

(iii) the entity and the entities it controls (if any) have 500 or more employees at the end of the financial year; and

(b)    the entity is not a registered scheme, registrable superannuation entity or retail CCIV.

1707B(3)    
In counting employees for the purposes of subsection (2) , take part-time employees into account as an appropriate fraction of a full-time equivalent.

1707B(4)    
This subsection applies to an entity for a financial year if:

(a)    the entity is:

(i) a registered corporation under the National Greenhouse and Energy Reporting Act 2007 at the end of the financial year; or

(ii) required to make an application to be registered under subsection 12(1) of that Act in relation to the financial year; and

(b)    the entity ' s group meets the threshold mentioned in paragraph 13(1)(a) of that Act for the financial year; and

(c)    the entity is not a registered scheme, registrable superannuation entity or retail CCIV.

Matters worked out in accordance with standards

1707B(5)    
For the purposes of this section:

(a)    the question whether an entity controls an entity is to be decided in accordance with accounting standards made for the purposes of paragraph 295(2)(b) ; and

(b)    consolidated revenue and the value of consolidated gross assets are to be calculated in accordance with accounting standards in force at the relevant time;

(even if the standards do not otherwise apply to the financial year of some or all of the entities concerned).