The key facts sheet franchisors must give prospective and existing franchisees has changed format. The revised form is now available as a fillable PDF available as a download on the ACCC’s website.
Franchisors must ensure the correct form is used, and it reflects the information provided in the disclosure document.
The previous Smart Form introduced in 2021 is no longer available.
Updating the key facts sheet
Usually, a franchisor will revise the key facts sheet when the disclosure document is updated. Both documents commonly require an update within four months after the end of the franchisor’s financial year.
However franchisors do not need to revise the key facts sheet if they entered into just one (or no) franchise agreements during the financial year, or have no intention to do so in the upcoming financial year.
A reminder for all franchisors; if an existing franchisee sends a written request for a copy of the disclosure document, the key facts sheet must be amended to reflect the franchise status at the end of the past financial year.