Regulatory Alerts2025-12-11
ASIC issues over $2.2 million in infringement notices to 12 large proprietary companies for failing to lodge financial reports
ASIC has issued infringement notices totaling over $2.2 million to 12 large proprietary companies for allegedly failing to lodge their FY24 audited financial reports on time. All 12 companies have paid the penalties in full, which ranged from at least $187,800 each, although payment does not constitute an admission of guilt. This enforcement action is part of a broader surveillance initiative where ASIC identified 151 non-compliant entities out of 217 contacted, with further regulatory action planned for ongoing failures.
ASIC has issued infringement notices to 12 large proprietary companies for allegedly failing to lodge their FY24 audited financial reports on time.
The notices were issued as the result of a three-month surveillance following ASIC’s increased focus on non-lodgement of financial reports by large proprietary companies .
All 12 companies, which ASIC issued infringement notices of at least $187,800 each, totalling over $2.2 million, have paid in full.
The following companies have paid an infringement notice:
Aje Hold Co Pty Ltd
Bing Lee Electrics Pty Ltd
Bob Jane Corporation Pty Ltd
Frank Green Holdings Pty Ltd
Harris Scarfe Pty Ltd
Global Retail Brands Pty Ltd
Grill’d Pty Ltd
McCain Foods (Aust) Pty Ltd
MJ Bale Group Pty Ltd*
Outdoor Supacentre Pty Ltd
Pearl Corporation of Australia Pty Ltd
White Fox Boutique Pty Ltd
*MJ Bale Group paid an infringement notice of $198,000, as its alleged contravention occurred after the penalty unit value increased.
Payment of an infringement notice does not constitute an admission of guilt or liability.
The specific reasons for ASIC’s concerns are set out in the infringement notice on the Infringement Notices Register .
For all companies that have paid the infringement notice but have outstanding financial reports, ASIC’s investigation remains open.
ASIC’s focus on non-lodgement of financial reports
As part of its surveillance, ASIC examined a range of data sources to identify companies with significant revenue, assets or large numbers of employees that had not lodged financial reports. ASIC engaged with 217 companies and alleges that 70% (151) were non-compliant for failing to lodge a financial report for one or more financial years FY23 and/or FY24. Following ASIC’s queries, 103 companies lodged financial reports (see Table 1) and a further 41 are in the process of doing so.
ASIC prioritised engagement with larger, more material companies and queried whether they met financial reporting thresholds for FY23 and/or FY24. ASIC also contacted companies that had received an auditor breach report for non-lodgement of financial reports.
ASIC Commissioner Kate O’Rourke said: ‘Large proprietary companies are legally obliged to provide financial reports to ensure that those dealing with these businesses can make informed decisions.
‘ASIC is concerned by the substantial number of companies that appear to have not met their obligations either by lodging late or failing to lodge at all.
‘ASIC calls on the directors of large proprietary companies and other entities with financial reporting obligations to proactively review their reporting obligations and ensure financial reports are lodged in a timely manner.
‘We also remind auditors of these entities to notify ASIC if they are aware or suspect that a company is not complying with its lodgement obligations,’ said Ms O’Rourke.
ASIC intends to take further action against some of the companies that were the subject of the recent surveillance, including some of companies that are still in the process of lodging their financial reports.
ASIC’s ongoing work on financial reporting
ASIC remains focussed on driving improved compliance by companies and other entities with financial reporting obligations. Financial reports play an important role assisting creditors and other users of the reports in making informed decisions when dealing with large companies.
‘Targeting financial reporting misconduct including failure to lodge financial reports is an ASIC enforcement priority for 2026 . ASIC will continue to monitor and address lodgement failures, including taking regulatory action for ongoing non-compliance,’ said Ms O’Rourke.
‘ASIC intends to undertake further surveillance work relating to the compliance by large proprietary companies and other entities with financial reporting obligations in 2026.
‘We are stepping up enforcement action against financial reporting misconduct and will continue to leverage a range of data sources to identify potential non-compliance, including notifications by auditors,’ she said.
Table 1: List of companies [N=103] that lodged an outstanding financial report for one or more financial years (FY23 and/or FY24) following ASIC’s inquiries.
The list is mostly large proprietary companies but also includes other types of companies with financial reporting obligations.
In some cases, a company may have been undertaking steps to lodge their financial reports before being contacted by ASIC. However, for each company, the lodgement of a financial report for FY23 and/or FY24 came after they were contacted by ASIC as part of the surveillance.
The companies provided a range of reasons for this—the inclusion of a company on this list should not be taken as ASIC having broader concerns about the compliance arrangements or culture of the company.
Company Name
ACN
A & J AUSTRALIA PTY LTD
061 046 624
AJE HOLD CO PTY LTD
630 329 501
AJE WHOLESALING PTY LTD
130 160 753
ANRIC DEVELOPMENTS PTY LTD
087 167 931
ANZUK EDUCATION SERVICES PTY LTD
123 730 521
ARMESTO'S HOLDINGS PTY LTD
151 669 117
AURRUM HOLDINGS PTY LTD
168 679 123
AUSTRALIA OCEAN LOGISTICS PTY LTD
626 546 807
AUSTRALIAN COUNTRY CHOICE HOLDINGS PTY LTD
009 729 999
AUSTRALIAN COUNTRY CHOICE PRODUCTION PTY LTD
079 436 258
AUSTRALIAN NATIVE LANDSCAPES PTY LTD
001 749 980
AUSTRALIS MUSIC GROUP PTY LIMITED
114 446 007
BADGER HOLDINGS AUSTRALIA PTY LIMITED
627 251 889
BARON RUBBER PROPRIETARY LIMITED
005 178 549
BAY AUDIO PTY LIMITED
122 385 746
BING LEE ELECTRICS PTY LTD
000 733 488
BOB JANE CORPORATION PTY LTD
005 870 431
BREMICK PTY LTD
000 496 131
BROOKS HIRE SERVICE PTY LTD
008 975 988
CAMPBELL PROPERTY GROUP PTY LTD
126 219 912
CCMSM MANUFACTURING PTY LTD
611 555 401
CENTRAL AGRI GROUP PTY LTD
606 032 599
CFT HOLDINGS COMPANY PTY LIMITED
160 294 904
CINQUE TESTA PTY LTD
615 457 577
CIP CONSOLIDATED PTY LTD
643 593 533
CIVIL GROUP (AUST) PTY LTD
128 993 671
CLEVERTRONICS PTY. LTD.
136 264 349
CONSTRUCTION CONTROL PTY LIMITED
150 745 154
CORRY LYN PTY. LTD.
009 678 880
COUGAR DRILLING PTY LTD
611 782 739
CREWE SHARP PTY LTD
168 907 711
CXC CORPORATE SERVICES PTY LTD
150 274 007
DEICORP PROPERTY GROUP PTY LTD
169 423 250
DEICORP PTY LTD
138 180 337
DENGKOL PTY. LTD.
005 518 258
DIAMOND FAMILY HOLDINGS PTY. LTD.
007 975 411
DITH AUSTRALIA PTY LTD
620 953 166
DKSH AUSTRALIA PTY. LTD.
005 059 307
EAST COAST CARE NO.7 PTY. LTD.
608 355 817
ENDEAVOUR WOOL EXPORTS PTY LTD
621 014 293
ETG COMMODITIES PTY LTD
643 241 329
ETHAN GLOBAL PTY LTD
099 503 456
FAYMAN INTERNATIONAL GROUP PTY LTD
640 390 576
FRANK GREEN ENTERPRISES PTY LTD
166 075 592
FRANK GREEN HOLDINGS PTY LTD
619 277 486
FREIGHTER GROUP PTY LTD
614 717 261
FRONTIER SOFTWARE PTY. LTD.
005 751 879
G.T.S. FREIGHT MANAGEMENT PTY. LTD.
007 997 604
GLAD SECURITY PTY. LTD.
122 097 590
GRILL'D PTY LTD
106 297 394
GROSVENOR ENGINEERING GROUP PTY LTD
003 608 795
GROWTHBUILT PTY LIMITED
115 132 020
GUIDERA O'CONNOR PTY LTD
099 012 870
HARRIS SCARFE PTY LTD
095 018 803
HARRISON MOTORING GROUP PTY LTD
005 752 269
HUTCHEON & PEARCE HOLDINGS PTY LTD
169 671 890
HUTCHEON & PEARCE OPERATIONS PTY LTD
169 674 033
INDUSTRIAL MANAGEMENT PTY LTD
008 772 594
IP SOLUTIONS INTERNATIONAL LTD
114 536 319
JASON WINDOWS PTY. LTD.
060 974 138
JMC AUTOMOTIVE GROUP PTY LTD
009 479 190
KOUNIS METAL INDUSTRIES PTY. LTD.
008 701 335
KUEHNE & NAGEL PTY LTD
000 871 607
LABELMAKERS GROUP HOLDINGS PTY LTD
150 997 943
LANCO RESOURCES AUSTRALIA PTY LTD
147 835 452
LAUDET PTY LIMITED
074 202 672
LVMH WATCH & JEWELLERY AUSTRALIA PTY LTD
078 545 481
M RESOURCES TRADING PTY LTD
156 582 320
MADISON GROUP ENTERPRISES PTY LTD
010 669 379
MAHERCORP PTY LTD
100 090 560
MARLAU NOMINEES PTY. LTD.
056 365 327
MCCAIN FOODS (AUST) PTY LTD
000 629 587
MCCARROLL'S OF MOSS VALE PTY LTD
003 411 210
MCINTOSH HOLDINGS PTY LTD
008 675 876
MIDFIELD FINANCE PTY LTD
605 053 914
MJ BALE GROUP PTY LTD
629 040 348
MOE HOLDINGS PTY LTD
128 863 981
MORGAN PASTORAL PTY LTD
115 390 488
NEWBALE CLOTHING PTY LIMITED
136 405 091
NEXUS MINING PTY LTD
606 201 969
NORSTAR RECYCLING PTY. LTD.
125 250 151
NORTHPHARM PTY LTD
091 327 123
NOVO SHOES PTY LTD
090 582 639
OUTDOOR SUPACENTRE PTY LTD
609 212 624
PARC ENGINEERING PTY LTD
624 974 385
PASPALEY PEARLING COMPANY PTY LIMITED
009 591 708
PEARL CORPORATION OF AUSTRALIA PTY. LTD.
009 623 081
PRYSMIAN AUSTRALIA PTY LTD
096 594 080
QPEACQ 1 PTY LTD
623 421 732
QPEACQ 2 PTY LTD
623 444 664
RENAISSANCE INDUSTRIES PTY LTD
654 309 832
RINKGLEN PTY. LTD.
072 960 135
SILK HOSPITALITY PTY LTD
139 223 895
SOUND DISTRIBUTION PTY LTD
654 310 675
SOUND RETAIL PTY LTD
664 633 872
SUNCO MOTORS PTY LTD
010 722 111
TADMANSORI (AUSTRALIA) PTY LTD
612 804 583
TECH-LINK STORAGE ENGINEERING (AUSTRALIA) PTY LTD
605 766 612
THE GOOD TASTE BAKERY CO PTY LTD
618 148 735
VAS-X AUSTRALIA PTY LTD
144 781 966
WGA GROUP HOLDINGS PTY LTD
649 953 980
WISELY GROUP PTY LTD
169 662 211
YANG KEE GROUP (AUSTRALIA) PTY LTD
615 582 093
Background
Financial reporting obligations
Large proprietary companies must prepare and lodge a financial report and a director's report within four months after the end of the financial year unless ASIC has granted relief.
A proprietary company is classified as ‘large’ if it meets at least two of the following criteria for a financial year:
the consolidated revenue of the company and any entities it controls is $50 million or more
the consolidated gross assets of the company and any entities it controls is $25 million or more
the company and any entities it controls have 100 or more employees.
Whether a company meets these criteria can depend on how the business is structured.