Australian Securities & Investments Commission issues over AUD 2.2 million in infringement notices to 12 large proprietary companies for alleged late lodgement of FY24 audited financial reports

The Australian Securities & Investments Commission (ASIC) issued infringement notices to 12 large proprietary companies for allegedly failing to lodge their FY24 audited financial reports on time, with penalties totalling over AUD 2.2 million. All 12 companies paid the notices in full, although ASIC noted that payment does not constitute an admission of guilt or liability. The action followed a three‑month surveillance on non-lodgement of financial reports by large proprietary companies. ASIC engaged with 217 companies and alleges 70% (151) were non-compliant for failing to lodge a financial report for one or more of FY23 and/or FY24; after ASIC’s inquiries, 103 companies lodged outstanding reports and a further 41 were in the process of doing so. The 12 firms that paid infringement notices were Aje Hold Co, Bing Lee Electrics, Bob Jane Corporation, Frank Green Holdings, Harris Scarfe, Global Retail Brands, Grill’d, McCain Foods (Aust), MJ Bale Group (AUD 198,000 due to a higher penalty unit value at the time of the alleged contravention), Outdoor Supacentre, Pearl Corporation of Australia and White Fox Boutique. ASIC said investigations remain open for companies that paid an infringement notice but still have outstanding financial reports, and it intends to take further action against some entities covered by the surveillance. ASIC also flagged further surveillance in 2026 and identified targeting financial reporting misconduct, including failure to lodge financial reports, as an enforcement priority for 2026.