The winner of the programme will get the opportunity to feature in one of the producer-director's film projects.
A 2004 UK version of the Bollywood Star format also gave the winning finalist the chance to appear in a Bhatt project.
Series winner Rupak Mann made her Hindi film debut with Ashmit Patel and Koel Puri in Nazar, but has not acted in Indian cinema since.
UK model-turned-actress Hazel went on to have more success. Despite not progressing to the final, she secured the lead in Mera Pehle Pehle Pyaar, and landed roles in U, Me Aur Hum and Dunno Y... Na Jaane Kyun.
The four-part SBS series will be holding auditions on October 22 at the National Art School, Taylor Square, Sydney.
Australia is a popular filming location for Bollywood film crews, with Dil Chahta Hai, Salaam Namaste, Singh is Kinng, Chak De India and Love Story 2050 all partly shot in the region.