Australian Competition and Consumer Commission (ACCC) targeting franchises
Written on the 30 May 2014 by Macmillans Waller Fry - Accountants in Maitland
The Australian Competition and Consumer Commission (ACCC) announced late last year that it would begin targeting franchises in the Health and Fitness and Takeaway Food industries.
A new round of audits will be performed on these businesses to ensure that the franchisors are complying with the Franchising Code of Conduct.
The ACCC will be using their audit powers to request that business owners provide information or documents that franchisors are required to either keep, generate or publish.
It is important that franchisors of all industries- not just Health and Fitness and Takeaway Food, review their compliance with the Franchising Code of Conduct.
The ACCC has the power to audit any documents required to be generated under the Franchising Code, such as disclosure statements, marketing statements and franchise agreements.
When an audit begins franchisors will be required to immediately produce these documents.
The audit is currently focused on the Health and Fitness and Takeaway Food industries as these industries received the highest number of franchise-related complaints in 2012-13.
The two major complaints that the ACCC received were related to disclosure and false representation.
Author: Macmillans Waller Fry - Accountants in Maitland
|Picking the wrong employee after a long interview process ultimately results in wasted time and lost money for a business. A successful interview can often start before even meeting, as social networking sites such as LinkedIn are becoming an increasingly popular way to identify job candidates. T...|
|Spending on capital assets usually cannot be deducted immediately. Instead, small businesses claim the costs over time in accordance with the asset’s depreciation. There are many different processes that businesses can employ to make claims on their assets. For small businesses with lower-c...|