Your business name will be due for renewal every 1 or 3 years, as elected.
ASIC will not accept a renewal application until a renewal notice has been generated for your business name. The renewal notice becomes available 30 days prior to the renewal date.
It is still possible to renew your business name after the renewal date has passed, provided that it is still in a 'registered' status. Should you fail to make payment for renewal, ASIC will issue a letter informing you of their intent to cancel the business name after a further 2 months if payment is not made.
Once your business name has been cancelled it will not become publicly available for registration for 6 months. During this 6 month buffer period you will be able to apply for business name restoration.
This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.