Regulatory Alerts2025-08-20
ASIC increases focus on lodgement of financial reports after finding poor compliance by grandfathered companies
The Australian Securities and Investments Commission (ASIC) is intensifying its surveillance and enforcement actions regarding financial report lodgements by large proprietary companies following the discovery that over half of previously grandfathered entities failed to comply in FY23 or FY24. This crackdown stems from the 2022 removal of lodgement exemptions for these companies, which has resulted in widespread non-compliance and a significant lack of auditor notifications regarding breaches. ASIC urges companies to proactively address any reporting obligations and warns that it will utilize its full range of compliance tools to address outstanding failures as part of a broader surveillance program expected to conclude in Q1 2026.
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