Can the allowable turnover be changed during a licence year?
Yes - You can change your turnover during the year if your allowable annual turnover (approved at last renewal) is not adequate or you wish to reduce the allocated turnover.
To increase your allowable annual turnover, you must notify BSA before you exceed the allocated turnover. You must provide the required financial information and seek written approval for the increase in turnover.
How should BSA be notified?
To increase your allowable annual turnover:
If your increased allowable annual turnover will be less than $300,000, complete and return the Declaration - AATO under $300,000 per annum.
If your increased allowable annual turnover will be more than $300,000, provide a new financial report that details your ability to financially meet the higher turnover obligations (the type of report will depend on the turnover requested and whether you are required to be audited) - click here for more
To decrease your allowable annual turnover:
If your decreased allowable annual turnover will be less than $300,000, complete and return the required declaration form
If your decreased allowable annual turnover will be more than $300,000, provide a new financial report that details your capacity to meet the lower turnover requirements (the type of report will depend on the turnover requested and whether you are required to be audited) - click here for more
What happens if BSA is not notified and the allowable turnover is breached or assets are reduced?
Failure to seek written approval and provide updated financial information may result in the suspension or cancellation of your licence. It is a breach of BSA's licensing requirements to increase turnover by more than 10% or reduce your asset level outside the allocated allowable annual turnover for the licence year.
