The Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2018 (including the Senate amendments) has passed both Houses and is awaiting Royal Assent. Background.
UPDATE: Royal Assent given on 12 March 2019. The Act will commence on 1 July 2019.
The purpose of the Act is to:
- amend the Corporations Act 2001 to consolidate and broaden the whistleblower protection regime for the corporate and financial sector; and
- amend the Taxation Administration Act 1953 to create a whistleblower protection regime for disclosures of breaches of tax laws and tax avoidance.
The Act will require public companies and large proprietary companies to:
- have a policy with information about the protections available to whistleblowers, as well as how the company will ensure fair treatment of employees who are mentioned in whistleblower disclosures, and any matters prescribed by regulation; and
- make this policy available to people who may be eligible whistleblowers in relation to the company.
The Act will commence on the first day of the second quarter following Royal Assent.