Australia · act
Treasury Laws Amendment Act 2024 (No. 87) — Corporations Act 2001 Ch 2M + AASB S2
Scope
Group 1: 2 of 3 ≥A$500m revenue / ≥A$1bn assets / ≥500 emp (from 1 Jan 2025); Group 2: ≥A$200m/≥A$500m/≥250 (Jul 2026); Group 3: ≥A$50m/≥A$25m/≥100 (Jul 2027; Budget proposal raises proprietary thresholds to A$100m/A$50m); NGER reporters and asset owners
Penalties
Corporations Act financial-reporting penalties incl. director civil penalties; protected-statement safe harbours (ASIC-only) for first 3 years
Last verified
2026-08-22
In plain language
Mandatory annual sustainability report with AASB S2 climate statements: governance, strategy, risk management, metrics and targets; ≥2 scenarios including one consistent with 1.5°C; Scope 1/2 from year one, Scope 3 from year two; assurance laddering to reasonable assurance.
Climate statements per AASB S2 + notes + directors' declaration; two-scenario analysis incl. 1.5°C; Scope 1/2 then Scope 3; financed emissions for FIs; transition-plan content; ASSA 5010 assurance ladder
Dictionary
Claims