Schedule 13G for Australians: 2025 Guide to US Shareholder Disclosure

If you’re an Australian investor eyeing US equities, the phrase ‘Schedule 13G’ might sound like Wall Street jargon. But in 2025’s increasingly global market, understanding this SEC disclosure could make a tangible difference to how you navigate large US-listed shareholdings. Whether you’re a sophisticated investor, an SMSF trustee, or managing a managed fund, Schedule 13G is more relevant than ever.

What is Schedule 13G and Why Does It Matter?

Schedule 13G is a filing required by the US Securities and Exchange Commission (SEC) when an investor acquires more than 5% of a US-listed company’s voting shares, but does so as a ‘passive investor’—not seeking to influence control of the company. Unlike its cousin, Schedule 13D, which is for activists or those with takeover intentions, 13G is for institutions, funds, and individuals holding large stakes without aiming to sway management.

• Threshold: 5% of any class of voting equity in a US-listed company.
• Purpose: Disclosure of significant, but non-activist, shareholdings.
• Who files? Mutual funds, ETFs, superannuation funds, family offices, and large private investors.

For Australians, if you or your fund accumulates a substantial position in a US stock—think Tesla, Apple, or a hot Nasdaq biotech—compliance with 13G is not optional. Failure to file can lead to SEC penalties and reputational risk.

Key Differences: Schedule 13G vs Schedule 13D

The distinction between 13G and 13D is crucial, especially for institutional investors and fund managers navigating cross-border portfolios. Here’s how they differ:

• Intent: 13G is for passive holdings; 13D is for those seeking control or to influence company strategy.
• Filing Deadline: 13G must be filed within 45 days of crossing the 5% threshold, or within 10 days at year-end if already over 5%. In contrast, 13D must be filed within 10 days of acquisition.
• Disclosure Detail: 13D filings require more detailed information, including plans, background, and sources of funds. 13G is streamlined but still significant.

For Australian investors, this means that a large, passive holding in a US company triggers 13G, while any activist ambitions would push you into 13D territory—with much greater scrutiny.

2025 Regulatory Changes and Global Trends

The SEC has updated several reporting requirements in recent years, and 2025 is no exception. For investors outside the US, including Australians, these changes have practical impacts:

• Electronic Filing Mandate: All Schedule 13G forms must now be filed electronically via EDGAR, making filings instantly public and searchable worldwide.
• Shortened Deadlines: In 2024, the SEC shortened filing windows for both 13D and 13G. Most 13G filers now have just 45 days after calendar year-end to disclose, and passive investors crossing the 5% mark mid-year must file within five business days—a material tightening from previous rules.
• Greater Scrutiny of ‘Groups’: The definition of what constitutes a ‘group’ acting together has broadened. Joint venture arrangements or even informal cooperation among Australian investors may require joint filings.

Additionally, Australia’s own regulators—ASIC and the ATO—are watching cross-border holdings more closely, given the rise in direct US share ownership by SMSFs and retail investors through low-cost platforms. While Schedule 13G is a US requirement, failing to comply can trigger questions at home, especially for entities with international reporting obligations.

Practical Examples: How Schedule 13G Impacts Australians

Consider these real-world scenarios:

• An SMSF buys up 6% of a US-listed ETF: The trustee must file a 13G within the new, tighter deadline—even if the purchase was via an Australian broker.
• An Australian hedge fund accumulates a 5.5% stake in a Nasdaq tech company: The fund must file, even if it has no intention of activism.
• Private investors acting together: If two or more Australian families coordinate to buy more than 5% of a US stock, they may be deemed a ‘group’ and must file jointly.

With US markets remaining a magnet for Australian capital, understanding and complying with Schedule 13G is no longer a niche concern—it’s a mainstream compliance issue for any sizeable portfolio.

How to Stay Ahead: Best Practices for 2025

• Monitor your US shareholdings regularly—especially if your fund or SMSF is actively trading.
• Work with a broker or platform that can flag when you’re approaching the 5% threshold.
• Ensure your compliance team is up to speed with US and Australian cross-border disclosure rules.
• Review SEC guidance and filings in EDGAR to benchmark your reporting standards.

Staying proactive can help avoid costly slip-ups and keep your international investing on the right side of US regulators.