Application of amendments—sustainability reporting
(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 (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. (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. (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 (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).
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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