More than 700,000 Rohingya Muslims fled Buddhist-majority Myanmar to neighbouring Bangladesh year, according to UN agencies, following a counter-insurgency operation launched by Myanmar's military after attacks on security posts by Rohingya militants in August last year.
A recent UN report accused Myanmar's military of gang rapes and mass killings with "genocidal intent" and called for its commander-in-chief and five generals to be prosecuted under international law.
Myanmar has denied most of the allegations in the report, blaming Rohingya "terrorists" for most accounts of atrocities.
However Australia, which has previously provided training for Myanmar's army and refrained from imposing sanctions, on Tuesday responded to the UN report by targeting four of the men named, and one other senior commander.
A separate document named the officers; Aung Kyaw Zaw, Aung Aung, Maung Maung Soe, Than Oo and Khin Maung Soe. It said financial dealings with them can now attract penalties of A$1.7 million ($1.2 million) for companies and 10 years jail for individuals.
Myanmar government spokesman Zaw Htay did not pick up a call seeking comment on Tuesday.
The United States imposed similar restrictions on top generals in August. Like the United States, Australia omitted Myanmar's military chief, Min Aung Hlaing from the sanctions.