Margot Robbie to executive produce Fools Day

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Margot Robbie is set to executive produce 'Fools Day'.

The 29-year-old actress is in talks to adapt the comedy short from Cody Blue Snider into a feature film through her LuckyChap Entertainment company, and she will also take on a supporting role.

Snider - who co-wrote and directed the 18-minute short film - will direct the full-length movie.

The script is being co-written by Snider, Shane Snider and Keatyn Lee.

Bill Migliore, Edward Norton and John Rickard will produce, while Robbie's LuckyChap partners, her husband Tom Ackerley and Josey McNamara, will executive produce.

'Fools Day' is a dark comedy about a 4th grade class that accidentally kill their teacher after pulling an innocent April Fools' Day prank on her.

Convinced they will go to prison for the death, they try to cover up the incident and dispose of the body before a local police officer arrives for the class' anti-drug lesson.

Margot is set to take on the role of the teacher in the movie.

Meanwhile, Margot recently revealed that she and Tom were warned it would be a "bad idea" to venture into business together before they set up LuckyChap Entertainment but she thinks it was the right decision.

She said "I've been told by many people in showbiz that it's a really bad idea to work with loved ones or close friends but I don't see it that way at all.

"I think it's a huge advantage for me to be able to work with Tom.

"We know each other so well and we enjoy being able to develop and work on projects together.

"Several of my long-term friends also work with me at our company and one of my best friends is my set assistant, so we get to spend a lot of time together - it's nice to have a close friend around you while you're working, especially on very long days when you're not always feeling your best."

The 'Once Upon a Time in Hollywood' star also hopes her company can create more opportunities for women.

She said: "I don't intend to be the lead actress in all our productions! My goal is to collaborate with many talented women of my generation and, as a matter of policy, our production company is made up of 50 per cent women.

"Women are often seen as competing against each other for the best roles or jobs and I think that's ridiculous and absolutely not true.

"I would like to prove that a group of girls of the same generation can work together and accomplish great things.

"I am the first to applaud other women who make their mark in film."