ASIC has fined 12 large proprietary companies over late financial reports, warning directors, including those of foreign-owned businesses, to urgently meet lodgement obligations ahead of tougher enforcement in 2026.
More than $2.2 million in infringement notices has been issued by to 12 large proprietary companies for allegedly failing to lodge audited fiscal year (FY) 2024 financial reports on time, sharpening its focus on financial reporting misconduct.
ASIC said the penalties followed a three-month surveillance targeting non-lodgement by large proprietary companies. Each company paid at least $187,800, with total penalties exceeding $2.2 million. All notices have been paid in full, although payment does not constitute an admission of guilt or liability.
The regulator said its investigation remains open for any company that has paid an infringement notice but still has outstanding financial reports.
ASIC Commissioner Kate O’Rourke said large proprietary companies are legally required to lodge financial reports so parties dealing with them can make informed decisions. She said ASIC was concerned by the number of companies that lodged late or failed to lodge at all.
ASIC has called on directors of large proprietary companies and other entities with reporting obligations to proactively review their obligations and ensure reports are lodged on time. The warning applies equally to international groups operating in Australia through proprietary company structures.
As part of the surveillance, ASIC reviewed multiple data sources to identify companies with significant revenue, assets, or large workforces that had not lodged reports. ASIC engaged with 217 companies and alleged that 70% were non-compliant for FY2023 and or FY2024. Following ASIC enquiries, 103 companies lodged outstanding reports and a further 41 are in the process of doing so.
ASIC prioritised larger and more material companies and contacted entities that had received auditor breach reports for non-lodgement. ASIC also reminded auditors to notify the regulator if they suspect a company is not meeting its lodgement obligations.
The regulator said it intends to take further action against some companies identified in the surveillance, including those still finalising overdue reports.
Ms O’Rourke said, “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."
Large proprietary companies must lodge a financial report and director’s report within four months after the end of the financial year unless ASIC grants relief. A company is considered large if it meets at least two thresholds covering revenue, assets, or employee numbers, which can be affected by group and ownership structures common amongst international businesses in Australia.
Last updated: 19th Dec 2025
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Ro Elvinia is ABN Australia's Customer Success and Marketing Manager. She holds a bachelor’s degree in mass communication, majoring in journalism, and also has an academic background in civil engineering. With over a decade of experience in professional writing and a background spanning journalism, Australian immigration, and business services, Ro brings a unique mix of communication and analytical expertise. She works closely with international clients and contributes to ABN Australia's content strategy, helping global businesses stay informed and confident as they navigate the Australian market.
Ro Elvinia
Customer Success and Marketing Manager