Section 292A — Corporations Act 2001: Who has to prepare annual sustainability reports

(1) Subject to subsection (2), an entity must prepare a sustainability report for a financial year if: (a) the entity must prepare a financial report for the financial year under this Chapter; and (b) subsection (3), (5) or (6) of this section applies to the entity for the financial year. Note: For financial years commencing before 1 July 2027, only certain entities are required to prepare a sustainability report: see Part 10.77. (2) Despite subsection (1), if: (a) the accounting standards require an entity (the parent) to prepare financial statements in relation to a consolidated entity for the financial year; and (b) the parent elects to prepare a sustainability report for the consolidated entity for the financial year; then: (c) the parent is the only entity in the consolidated entity that must prepare a sustainability report for the financial year; and (d) the sustainability report must be prepared as if the consolidated entity is a single entity. Thresholds for sustainability reports (3) This subsection applies to an entity for a financial year if it satisfies at least 2 of the following paragraphs: (a) the consolidated revenue for the financial year of the entity and the entities it controls (if any) is the following amount or more: (i) the amount prescribed by regulations made for the purposes of paragraph 45A(2)(a); (ii) if no amount is prescribed—$50 million; (b) 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 the following amount or more: (i) the amount prescribed by regulations made for the purposes of paragraph 45A(2)(b); (ii) if no amount is prescribed—$25 million; (c) the entity and the entities it controls (if any) have the following number of employees or more at the end of the financial year: (i) the number prescribed by regulations made for the purposes of paragraph 45A(2)(c); (ii) if no number is prescribed—100. (4) In counting employees for the purposes of subsection (3), take part-time employees into account as an appropriate fraction of a full-time equivalent. (5) This subsection applies to an entity for a financial year if it is: (a) a registered corporation under the National Greenhouse and Energy Reporting Act 2007 at the end of the financial year; or (b) required to make an application to be registered under subsection 12(1) of that Act in relation to the financial year. (6) This subsection applies to an entity for a financial year if: (a) the entity is a registered scheme, registrable superannuation entity or retail CCIV; and (b) the value of assets at the end of the financial year of the entity and the entities it controls (if any) is the following amount or more: (i) the amount prescribed by regulations made for the purposes of this subparagraph; (ii) if no amount is prescribed—$5 billion. Matters worked out in accordance with standards (7) For the purposes of this section: (a) the question whether an entity controls another entity is to be decided in accordance with accounting standards made for the purposes of paragraph 295(2)(b); and (b) consolidated revenue, the value of consolidated gross assets and the value of 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).