The draft laws will go to parliament on Thursday as Australia bids to become a world leader in fighting slavery.
The laws are expected to cover businesses with turnovers of at least $100 million, impacting about 3000 companies operating in Australia.
As well, under the laws an annual statement will be published highlighting modern slavery risks in government contracting.
More than 40 million people worldwide are believed to be victims of "modern slavery", which covers such things as forced labour, child labour, people trafficking, debt bondage, and the sale of or sexual exploitation of children.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Studies have shown the main problems within Australia are sex trafficking, arranged marriages and unscrupulous employers and labour agencies recruiting men and women from Asia and Pacific islands for agriculture, construction, hospitality, and domestic service.
Foreign Minister Julie Bishop flagged the laws in London in April, telling other Commonwealth nations Australia wanted to clean up supply chains.
