ASIC recently fined a small proprietary company $187,800 for failing to lodge financial reports on time –highlighting the importance of financial compliance for small foreign-controlled companies.

Under the Corporations Act 2001, such entities must submit financial reports unless they qualify for ASIC relief. To avoid penalties:

• Know your obligations – Small proprietary companies under foreign control must lodge reports unless exempt.
• Explore relief options – Companies not part of a “large group” may apply for ASIC relief by lodging Form 384.
• Non-compliance is costly – Late or missing reports can lead to significant fines and reputational risks.

At SRJ Walker Wayland, we provide expert guidance on financial reporting, auditing, and ASIC relief options for foreign-owned entities.

Are you confident your business is meeting its obligations? Let’s ensure compliance together.

For a confidential conversation with an SRJ Walker Wayland advisor, contact us today.