The Australian Securities and Investments Commission (ASIC) has issued a $187,800 penalty to NARTA member Bing Lee Electronics after the retailer failed to lodge its tax return—an issue ASIC says reflects a broader, ongoing compliance problem among Australian businesses.

The company, whose General Manager Peter Harris now sits on the NARTA board following CEO Lionel Lee’s decision to step down as deputy chairman, has since submitted the outstanding tax filings.

Bing Lee Financial Results and Liabilities

As at June 30, 2025, the Sydney-based retailer reported revenue of $418.49 million, down $24 million from $444.6 million the previous year.
Net profit for the period was $929,901.

Total liabilities rose to $109.7 million, an increase from 2024 levels. Loans from related entities climbed to $5.8 million, while the business—operating 38 stores across NSW—continues to manage cash-flow pressures.

Left to right Peter Harris General Manager, Sam Zalin and right Lionel Lee. Centre is Yolanda Lee

The company’s directors, Lionel Lee and Yolanda Lee, also guarantee a $13 million credit facility, supported by their substantial property holdings.

Intercompany Loans

During the 2025 financial year, Bing Lee Electronics advanced a $1.3 million, interest-free loan to its parent entity, Bing Lee Electrics (Holdings) Pty Ltd.

Another company within the group, Wavetree Pty Ltd, received a separate interest-free loan of $1.4 million.

Regulatory Action

ASIC imposed heavy fines on several retailers—including Bing Lee—after they allegedly failed to file audited financial accounts. Following the regulator’s investigation, the NSW-based company lodged its outstanding tax returns.

ASIC Commissioner Kate O’Rourke said the scale of non-compliance was concerning.

“We really hope that what we’ve done so far has a deterrent effect for these particular companies and others to sit up, take notice, and change their ways,” she said. “We do think we need to keep a sustained focus on it, at least for the next year.”

As part of a three-month surveillance campaign, ASIC examined 217 companies. Notices were issued to 12 businesses, while the regulator alleges 151 failed to lodge financial reports for the 2023 and 2024 years.
Of these, 103 have since complied and 41 are in the process of filing.

Each infringement notice carries the same $187,800 fine.

ASIC senior executive Michael Dorman said the regulator considered a company’s size, the public interest, and the duration of non-compliance when determining penalties. He noted that some businesses appeared unaware of their obligations.

“In some cases, there was a lack of understanding,” Dorman said. “In others, there may have been administrative oversights or miscommunication between organisations and advisers over who was responsible for lodging the accounts.”

Staff turnover and resourcing challenges also contributed to delays at some companies, he added.

Business Operations and Property Moves

In July, Bing Lee—one of Australia’s largest family-owned electrical retail chains—moved to capitalise on Sydney’s booming commercial property market by listing its flagship Old Guildford site for approximately $85 million.

The property, which houses both the company’s distribution centre and head office, was offered through a sale-and-leaseback arrangement, giving investors long-term security while freeing up capital for the retailer.

The wider Bing Lee group, including Wavetree Pty Ltd, remains central to the Lee family’s wealth. The business was founded in the mid-1950s when Bing Lee traded his fruit shop for an electrical goods store. It later passed to his son Ken, and is now run by Lionel Lee.

ASIC’s Compliance Push

Under ASIC’s definition, a large proprietary company must meet at least two of the following criteria: consolidated annual revenue of $50 million or more; gross assets exceeding $25 million; or a workforce of more than 100 employees.

The regulator says its investigation forms part of an ongoing effort to ensure major companies file required financial statements. As of December 2024, ASIC reported that 96 per cent of private companies with revenue over $100 million were complying with reporting obligations.