Thanks for your responses and support. I think the school definitely has potential to do more for him. We are in Australia, so I don't know if they legal stuff is a bit different. We do have his psychologist advocating for him. She is insistent that it is his legal right to have an appropriate academic plan. It is up to the school whether or not he gets an IEP for his attention and emotional regulation issues as he does not have a diagnosis. He no longer qualifies for PDD-NOS.
They did mention the possibility of subject acceleration for him in the future, although this is currently not a possibility due to his social development. At least they are open to it when/if he is ready. They also have a school chaplain who is dedicating an hour a week to doing extension with him. We offered to pay for a private shadow in the classroom as we found this helpful in his daycare last year, but they seem resistant and insist he doesn't need it.

I am also worried about him socially. He fluctuates toward older kids, he always had at the playground. Now he is telling me stories about how nobody likes him, and they tell him to go away, and that he is a baby, and that he has to make up friends to play with. But he also has a great imagination, and often makes up stories about his day when I asked him, particularly about academic stuff. I think he sometimes tells me the stuff he wishes he were learning. He has told me a couple of times he was working on multiplication, but they haven't even started addition yet.

Anyway, his psychologist is very good, and so fingers crossed we will get an academic plan in place for him by the end of term 2!

Thanks again for the responses.