On 19 February 2019, the Federal government passed new laws containing significant reforms to Australia’s corporate whistleblower regime. The laws are intended to improve protection for whistleblowers in the corporate and financial sectors, and introduce new protections for tax whistleblowers.
The new laws require all public companies, large proprietary companies and trustees of registered superannuation entities to implement whistleblower policies or risk facing penalties. There are a number of other changes that you should also be aware of, including greater access to compensation for whistleblowers and significant penalties for breaches of confidentiality.
In preparation for the new laws, organisations should take the following steps:
KPMG provides a range of specialist whistleblower services, including:
Read more about this important topic and the steps that organisations should take in our factsheet.