Is it possible to change my renewal date?
All licensees with a turnover in excess of $300,000 may request that BSA change their renewal date so that they may rely on their usual financial year end accounts for future renewals.
Where the licensee is subject to audit requirements (Categories 4 to 8) and have not realigned, they should realign their future renewal date to be no more than three months from the end of their year end date by submitting the Request to Change Renewal Date (Attachment 7) at the time of the current licence renewal. The current licence will not be renewed for less than 12 months and additional pro rata renewal fees will be payable.
Example: If the licensee operates on a 30 June financial year the licensee can request that its renewal date be altered to 30 September the following year.
Refer to section 5.2 of the Financial Requirements for Licensing.
The Licensee may also be asked to provide interim financial information to the BSA if the change of renewal date is greater than 15 months.
What if I have a turnover in Category 4 or above and I have never been audited before?
A licensee that falls into Categories 4-8 but has never been audited before will be required to provide either an:
Independent Review Report - 1st Year Only - or
An Independent Review Report - Audit Exemption
The type of Report will be dependent on the whether the licensee will be subject to ASIC audit requirements.
These Reports may be prepared by either a registered auditor or a person who can complete Category 3 Reports - see Appropriately Qualified Person
The licensee may also at the time of its renewal request a change to its renewal date as per section 5.2 of the Financial Requirements for Licensing.
