ASIC has issued infringement notices to 22 large proprietary companies for allegedly failing to lodge their audited financial reports on time for the 2025 financial year.
The notices were issued as part of ASIC’s ongoing surveillance and enforcement work focused on financial reporting compliance.
The 22 companies have paid their infringement notices in full. Each infringement notice is $198,000, totalling $4,356,000 across the 22 companies.
The companies are:
- Belgravia Group Pty Ltd (leisure, clothing sales and financial services)
- Bizcap AU Pty Ltd (non-bank lending)
- Coral Homes Pty Ltd (residential construction)
- Directed Electronics Australia Pty Ltd (electronics distribution)
- Downward Spiral Enterprises (Tas) Pty Ltd (museum, hospitality and events)
- East Yarra Friendly Society Pty Limited (pharmacy retail)
- Hemmes Group Pty Limited (hospitality)
- Ingram Micro Holdings (Australia) Pty Limited (information technology)
- Jolimont Development Finance Pty Ltd (civil construction)
- JQZ Holdings Pty Limited (property development)
- JQZ Treasury Pty Limited (property development)
- Magi Enterprises Pty Ltd (fashion retail)
- Menzies Aviation Holdings (Australia) Pty Ltd (airport services)
- Outdoor Adventure Holdings Pty Ltd (bicycle retail and distribution)
- Pernod Ricard Pacific Holding Pty Ltd (champagne and spirits retail)
- Prouds Jewellers Pty Ltd (jewellery and watches retail)
- Spendless Shoes Pty Ltd (footwear retail)
- Swanston Street Holdings Pty Ltd (building and construction)
- The Shoe Group Pty Ltd (footwear retail)
- Think Tank Group Pty Limited (commercial and residential property finance)
- Uhrig Road Development Pty Limited (property development)
- Winslow Constructors Pty Ltd (civil construction)
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 individual infringement notices on the Infringement Notices Register.
ASIC's investigation remains ongoing where companies have paid an infringement notice but still have outstanding financial reporting obligations.
ASIC’s action on non-lodgement of financial reports
Since commencing its data-focused surveillance of large proprietary companies and other types of entities in August 2025, ASIC has received payment for 70 infringement notices, totalling more than $13.7 million.
In 2026, ASIC engaged with 234 companies operating across a broad range of sectors, including lending, retail, hospitality, construction, logistics, resources, health, insurance and technology. This followed ASIC’s contact with 217 companies in the second half of 2025.
Of the companies contacted in 2026, 193 (82%) had allegedly failed to lodge financial reports for the 2025 financial year. Following ASIC’s queries, 147 companies lodged one or more outstanding financial reports, most notably in the retail, construction and resources sectors. The remaining companies are in the process of doing so.
Common reasons given for non-lodgement included audit-related issues, administrative oversight and inadequate resources to prepare financial reports. Concerningly, some companies were unaware of their lodgement obligation until ASIC contacted them.
ASIC Commissioner Kate O'Rourke said, ‘Timely financial reporting gives shareholders, creditors and others dealing with a company important information about its financial position and performance, helping them make informed decisions.
‘Our enforcement actions over the past year sends a clear message – companies must meet their financial reporting obligations and should not assume that non-compliance will go undetected. We will continue our data-focused surveillance into 2027 and will not hesitate to take further enforcement action.
‘Directors are accountable for ensuring their company meets its financial reporting obligations. We call on directors to regularly review those obligations and ensure required reports are prepared, audited and lodged on time, without waiting for ASIC to intervene,’ Ms O'Rourke said.
Background
Large proprietary companies, foreign-controlled companies, public companies, companies with crowd-sourced funding shareholders (CSF), registered managed investment schemes and registrable superannuation entities have financial reporting obligations.
Annual financial reports, directors’ reports and auditors’ reports must generally be lodged with ASIC within three months after financial year end for disclosing entities, registered schemes and registrable superannuation entities, and within four months for other entities required to lodge.
Entities should regularly review their reporting obligations and applicable deadlines, particularly following changes to their size, corporate structure, ownership or operations.
ASIC’s actions on late and non-lodgement of financial reports
Further details about ASIC’s actions:
- ASIC issues over $2.2 million in infringement notices to 12 large proprietary companies for alleged failure to lodge financial reports (25-298MR).
- Infrabuild companies pay infringement notices for failing to lodge financial reports on time (25‑278MR).
- Mecca companies pay $594,000 in infringement notices for failing to lodge financial reports on time (26‑057MR).
- Canva Group pays $792,000 in infringement notices for failing to lodge financial reports on time (26-090MR).
- Fashion and beauty retailers trading under the Zara, H&M and Sephora brands pay $596,000 in infringement notices for failing to lodge financial reports on time (26‑111MR).
- ASIC warns companies to lodge financial reports on time after Mainfreight Group pays $594,000 in infringement notices (26-188MR).
- Visy/Pratt companies pay over $4.1 million in infringement notices for failing to lodge financial reports on time (26-252MR).
In addition to the 70 infringement notices issued and paid, ASIC has obtained court-imposed fines for failing to lodge financial reports and related governance obligations, including more than $1.1 million in fines against three public companies in a single day at the Downing Centre Local Court (26-058MR).