232 Boundary Road, Braeside, Victoria, Australia, 3195

Assisting Clients to Prosper
 

To our Franchisor/Franchisee Clients and those interested in franchises

The federal government has set in motion far-ranging changes to franchise law, including introducing a duty to act in good faith and penalties of up to $51,000. The changes are set to be enacted on January 1, 2015.

The draft legislation introduces a general duty on franchisors and franchisees to act in good faith in all their dealings with each other, enables the Australian Competition and Consumer Commission to issue infringement notices of up to $8500 and to seek penalties of up to $51,000 from courts for serious breaches of the Franchise Code of Conduct.

The legislation also aims to improve the disclosure and transparency of marketing funds, online sales arrangements and to provide prospective franchisees with short form, easy to understand, information regarding the risks and rewards of franchising at an early stage before they become emotionally and financially committed.

The changes will also remove unnecessary provisions from the Franchise Code of Conduct to reduce red tape and compliance burdens on business. This red tape reduction for the Franchising Code is estimated to save businesses $8.6 million. The proposed changes are intended to strike a balance between the needs of franchisors and franchisees, noting the unique nature of the relationship between the two.

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Comments from our clients

  • "Hi Ross, I just thought that I should tell you that Monty has been helping me with a problem I had with Gracott over the past few months. In this time, his help has been well above what would normally be considered normal for an accountant's role. I have been very grateful for his assistance. …… I thought I should pass this on to you personally."
    - Jill Miglietti, Bervic Engineering Co Pty Ltd
  • "Thanks for the business valuation I am very happy as was my Solicitor with this, the valuation was quite detailed and you went into great detail showing the different methods used in calculating the value also supplying figures to substantiate your calculations. Great work thanks."
    - Jon Everitt, Signarama Moorabbin
  • "It is refreshing to see that your understanding of property transactions and your proactive approach goes much further in depth compared to an average accountancy practice. My recommendation to our clients to seek your expert advice would be without hesitation and encouraged!"
    - Michael Libman, Director (Licensed Estate Agent) Property Choice Pty Ltd
  • "The Planning Session: The process was very good in assisting us to clarify our personal and business goals and objectives. In our case, with each of us running separate businesses, it was particularly helpful in highlighting the directions we were both heading, and where simplification could be applied to create more efficient management..."
    - Kevin Ezard Aquarian Developments (Aust) Pty Ltd - Marketing and Consulting
  • "Many thanks for your work this year. A friendly and efficient company. Our contact with you over the many years of our association has been a pleasure and we look forward to continuing this in the future."
    - Linda and Ray Eades - Carpentry Business and Super Fund
  • "Thank you very much for your help to me and Damian recently. The matter discussed has now been concluded. We feel very fortunate to have you not only as our account but also as our trusted friend."
    - Veronique Moloney – Long standing client

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