The Thunder confirmed on Monday that Bayliss would stay in charge for a fourth straight season, as the club fights to return to the BBL finals.
With Bayliss at the helm, the Thunder made the finals in 2021-22 and 2022-23, before winning only one game last summer and finishing last.
"I've been here three years and there is probably a little bit of unfinished business," the 2019 World Cup-winning coach with England said.
"We've been working towards something over the last few years.
"With that and some of the recruitment we've done this year, we should be in a good position to win a number of games.
"Our ambition should be to win the tournament."
The Thunder have also signed to play four games at Sydney Showground next summer, an increase from the three they played last summer.
They had come as a result of a previous deal, which required the club to play two games a summer in Canberra. That will drop to one in 2024-25.
The showground wicket came under fire from the likes of Ricky Ponting last year, but Bayliss said it was important the club remain in western Sydney.
"I'm a western Sydney guy, I'm still involved with the Penrith club out here in the west of Sydney, and there's a lot of interest in Sydney Thunder," he said."There are always people going to the games from out this way and asking questions about the club.
"Through Thunder being part of western Sydney and closer to where they live, rather than having to go to the SCG they can get along to a Thunder match and watch their own team play high-class cricket."
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