Footnotes

Chapter 1

[1]        Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, Sydney, 15 November 2012, p. 25.

[2]        Professor Ken Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 18.

[3]        Regional Development Australia is a partnership between the Australian, State, Territory and Local Governments to strengthen regional communities. RDA consists of a national network of 55 committees, which are made up of local leaders who work with all levels of government, business and community groups to support the development of their regions.

[4]        Submissions 10 and 12

[5]        Mr Bill Winter, Submission 7; MGI Australasia Ltd, Submission 9; PricewaterhouseCoopers, Submission 11; Pamela Low and Associates, Submission 13; Deloitte Private, Submission 16; Grant Thornton Australia, Submission 18; KPMG, Submission 21; Pitcher Partners Consulting Pty Ltd, Submission 28; Empower Business Solutions, Submission 30; FINH, Submission 34.

[6]        Commercial Asset Finance Brokers Association, Submission 6; Chamber of Commerce and Industry Queensland, Submission 19; Bus Association Victoria, Submission 20; Council of Small Business of Australia, Submission 22; Business SA, Submission 23; Institute of Chartered Accountants Australia, Submission 25;  National Farmers Federation, Submission 29; Institute of Certified Bookkeepers, Submission 36; Agribusiness Council of Australia, Submission 37.

[7]        Australian Bureau of Statistics, Submission 2; Reserve Bank of Australia, Submission 17; Treasury, Submission 26; Regional Development Australia Hunter and Hunter Business Chamber, Submission 27; Department of Resources, Energy and Tourism, Submission 31; Regional Development Australia Pilbara, Submission 33.

[8]        Family Business Australia, Submission 1; Packer Leather Pty Ltd, Submission 4; Kennard Hire Pty Ltd, Submission 5;  Kennards Self Storage, Submission 15; Taylor Bros, Submission 38.

[9]        Bond University, Submission 3; Moores Family Enterprise, Submission 8; Professor Mary Barrett, Dr Chris Graves and Dr Jill Thomas, Submission 14; Associate Professor Pi–Shen Seet, Submission 35.

[10]      Commonwealth Bank of Australia, Submission 24.

[11]      Laserforce International, Submission 32.

[12]      See Mr David Smorgon, Generation Investments Pty Ltd., Committee Hansard, 14 November 2012, pp 2–3.

[13]      See Elman Service, The Hunters, Englewood Cliffs, N.J., Prentice-Hall, 1966.

[14]      Edmund Burke, Reflections on the Revolution in France, 1790.

[15]      Richard A. Goldthwaite, 'The Medici Bank and the World of Florentine Capitalism', Past & Present, No. 114, February 1987, p. 6; Tim Parks, Medici Money: Banking, Metaphysics and Art in Fifteenth Century Florence, Profile Books, New York, 2006.

[16]      Rothschild, 'Our history', http://www.rothschild.com/our_history/ (accessed 3 December 2012). See also Niall Ferguson, The House of Rothschild: Money's prophets 1798–1848, Penguin Books, New York, 1998.

[17]      See Professor Mary Barrett, University of Wollongong, Committee Hansard, Sydney, 15 November 2012, p. 37.

[18]      Andrea Colli and Mary Rose, 'Family business', The Oxford Handbook of Business History, Geoffrey Jones and Jonathan Zeitlin (eds.), Oxford University Press, 2007, p. 198.

[19]      Francis Fukuyama, Trust: The social virtues and the creation of prosperity, Penguin Books, 1995, p. 63.

[20]      Alfred Chandler, The Visible Hand: The Managerial Revolution in American Business, Cambridge: Harvard University Press, 1977, pp 298–299.

[21]      Andrea Colli and Mary Rose, 'Family business', The Oxford Handbook of Business History, Geoffrey Jones and Jonathan Zeitlin (eds.), Oxford University Press, 2007, p. 196.

[22]      Francis Fukuyama, Trust: The social virtues and the creation of prosperity, Penguin Books, 1995, pp 64–65.

[23]      Francis Fukuyama, Trust: The Social Virtues and the Creation of Prosperity, Penguin Books, New York, 1995, p. 65.

[24]      Barbara Hollander and Nancy Elman, 'Family-owned businesses: An emerging field of inquiry', Family Business Review, Vol. 1, No. 2, Summer 1988, p. 146.

[25]      Francis Fukuyama, Trust: The Social Virtues and the Creation of Prosperity, Penguin Books, New York, 1995, p. 111.

[26]      'Presidential politics in South Korea: Bashing the big guys', The Economist, 13 October 2012, http://www.economist.com/node/21564597 (accessed 26 February 2013).

[27]      Cho Ji-hyun, 'Is Samsung's heir-apparent close to succession?', The Korea Herald, 13 December 2012, http://www.asianewsnet.net/news-40149.html (accessed 27 February 2013).

[28]      James Olan Hutcheson, 'End of a 1,400 year old business', BusinessWeek, 16 April 2007, http://www.businessweek.com/stories/2007-04-16/the-end-of-a-1-400-year-old-businessbusinessweek-business-news-stock-market-and-financial-advice (accessed 3 December 2012). In 2006, with half a billion dollars in debt, the company became a subsidiary of another company.

[29]      James Olan Hutcheson, 'End of a 1,400 year old business', BusinessWeek, 16 April 2007.

[30]      James Olan Hutcheson, 'End of a 1,400 year old business', BusinessWeek, 16 April 2007.

[31]      James Olan Hutcheson, 'End of a 1,400 year old business', BusinessWeek, 16 April 2007.

[32]      See CNN Money, Global Fortune 500 http://money.cnn.com/magazines/fortune/global500/2012/countries/India.html (accessed 2 March 2013).

[33]      See Hamish McDonald, Mahabharata in Polyester: The Making of the World’s Richest Brothers and Their Feud, University of New South Wales Press, Sydney, 2010.

[34]      Edna Carew, Family Business: The Story of Successful Family Companies in Australia, Focused Publishing Pty Ltd, 1994.

[35]      Edna Carew, Family Business: The Story of Successful Family Companies in Australia, Focused Publishing Pty Ltd, 1994.

[36]      John Arboux and James Murray, Family Business: The Story of Successful Family Companies in Australia, Focused Publishing Pty Ltd, 1996.

[37]      Professor Ken Moores, 'Foreword', in John Arboux and James Murray, Family Business: The Story of Successful Family Companies in Australia, Focused Publishing Pty Ltd, 1996.

[38]      John Arboux and James Murray, Family Business: The Story of Successful Family Companies in Australia, Focused Publishing Pty Ltd, 1996.

[39]      Soul Stories: 100 Australian Family Businesses 2012, Free Run Press, 2012.

[40]      Business Review Weekly, Rich by numbers, 24 May–27 June 2012, pp. 68–129.

[41]      Business Review Weekly, Rich by numbers, 24 May–27 June 2012, pp 122–129.

[42]      'Rich 50 families', Business Review Weekly, 24 May–27 June 2012, pp 122–129.

[43]      Laura Hougaz and Michela Betta, The Business of the Family: Italian-Australian Entrepreneurs in Victoria and their Modern Dynasties, Australian Graduate School of Entrepreneurship, Swinburne University of Technology, 2008, p. 1125  and pp 1128–1129, www.swinburne.edu.au/lib/ir/onlineconferences/.../000010.pdf  (accessed 27 February).

[44]      Carole Tan, 'Chinese Families Down Under: The role of the family in the construction of identity amongst Chinese Australians, 1920–1960', Paper presented at the International Conference "Migrating Identities: Ethnic Minorities in Chinese Diaspora" held by the Centre for the Study of Chinese Southern Diaspora, ANU, 26–28 September 2001.

[45]      Laura Hougaz and Michela Betta, The Business of the Family: Italian-Australian Entrepreneurs in Victoria and their Modern Dynasties, Australian Graduate School of Entrepreneurship, Swinburne University of Technology, 2008, p. 1130.

[46]      Dr Linda Botterill, 'Rural policy in Australia: the farm family and the farm business', Government Reformed: Values and New Political Institutions, Ian Holland and Jenny Fleming (eds.), Ashgate, 2003.

[47]      Dr Linda Botterill, 'Rural policy in Australia: the farm family and the farm business', Government Reformed: Values and New Political Institutions, Ian Holland and Jenny Fleming (eds.), Ashgate, 2003.

[48]      Mr Paul Morris, Executive Director, Australian Bureau of Agricultural and Resource Economics and Sciences, Department of Agriculture, Fisheries and Forestry, Committee Hansard, 13 November 2012, p. 39.

Chapter 2 - The challenge of defining 'family business' and the needs of policy makers

[1]        Ministry of Trade and Industry, Government of Finland, 'Family Entrepreneurship: Family enterprises as the engines of continuity, renewal and growth-intensiveness', 2006 http://julkaisurekisteri.ktm.fi/ktm_jur/ktmjur.nsf/All/E7E75135A895485BC2257123003F5221/$file/jul7elo_2006_netti.pdf (accessed 12 February 2013).

[2]        Australian Bureau of Statistics, Submission 2, p. 2.

The ABS describes the Business Characteristics Survey as: 'an annual ABS survey and is conducted via a mail-out/mail-back questionnaire. It is designed to collect characteristics data. It is intended that each year the survey will contain a consistent set of core questions to allow longitudinal analysis. There have been some changes to the core content of the survey in these early iterations as its purpose and scope has been refined.' Australian Bureau of Statistics, 'About the Business Longitudinal Database', http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8168.0.55.001main+features32004-05%20to%202009-10 (accessed 1 March 2013).

[3]        Australian Bureau of Statistics, Submission 2, p. 2. See also Ms Jacky Hodges, Regional Director, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 17.

[4]        Australian Bureau of Statistics, Submission 2, p. 2.

[5]        Australian Bureau of Statistics, Answer to a question on Notice, received 10 December 2012.

[6]        Australian Bureau of Statistics, Submission 2, p. 2.

[7]        Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, pp 23–24.

[8]        Mr Hector Thompson, General Manager, Small Business Tax Division, Treasury, Committee Hansard, 13 November 2012, p. 11.

[9]        Mr Peter Chesworth, Acting Head, Small Business Division, Department of Industry, Innovation, Science, Research and Tertiary Education, Committee Hansard, 13 November 2012, p. 1.

[10]      Mr Peter Chesworth, Acting Head, Small Business Division, Department of Industry, Innovation, Science, Research and Tertiary Education, Committee Hansard, 13 November 2012, p. 2.

[11]      Mr Simon Atkinson, First Assistant Secretary, Regional Policy and Coordination, Department of Regional Australia, Local Government, Arts and Sport, Committee Hansard, 13 November 2012, p. 36.

[12]      Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 19.

[13]      Ms Jacky Hodges, Regional Director, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 19.

[14]      Mr Lowe is a PhD candidate at Monash University and the Chief Executive Officer of Bus Association Victoria. His thesis will examine the links between governance and performance in family and multinational enterprises providing public transport services.

[15]      Mr Chris Lowe, Bus Association of Victoria, Committee Hansard, 14 November 2012, p. 13.

[16]      Mr David Smorgon, Generation Investments Pty Ltd, Committee Hansard, 14 November 2012, p. 2.

[17]      Mr David Hill, Deloitte Private, National Managing Partner, Committee Hansard, 14 November 2012, p. 3.

[18]      Nicolas Kachaner, George Stalk and Alain Bloch, 'What you can learn from family business', Harvard Business Review, November 2012, p. 104.

[19]      Professor Mary Barrett, Professor of Management, University of Wollongong, Committee Hansard, 15 November 2012, p. 36.

[20]      Professor Mary Barrett, Professor of Management, University of Wollongong, Committee Hansard, 15 November 2012, p. 36.

[21]      Professor Mary Barrett, Professor of Management, University of Wollongong, Committee Hansard, 15 November 2012, p. 36. See the discussion in chapter 3 of this report on the ABS' Business Longitudinal Survey. This survey used a similar format to that proposed by Professor Barrett.

[22]      Mr Peter Strong, Executive Director, Council of Small Business of Australia, Committee Hansard, 13 November 2012, p. 29.

[23]      Mr Peter Strong, Executive Director, Council of Small Business of Australia, Committee Hansard, 13 November 2012, p. 29.

[24]      Mr Peter Strong, Executive Director, Council of Small Business of Australia, Committee Hansard, 13 November 2012, p. 26.

[25]      Mr Nick Behrens, General Manager, Advocacy, Queensland Chamber of Commerce and Industry, Committee Hansard, 16 November 2012, p. 9.

[26]      Australian Bureau of Statistics, Counts of Australian Businesses, Including Entries and Exits, June 2007 to June 2011, Cat No. 8165.0, released 31 January 2012, p. 2;
MGI Australian Family and Private Business Survey 2010, p. 13. http://www.mgiaust-survey.com/sites/default/files/fpbs_report_0.pdf

[27]      Mr Peter Chesworth, Acting Head, Small Business Division, Department of Industry, Innovation, Science, Research and Tertiary Education, Committee Hansard, 13 November 2012, p. 3.

[28]      Mr Peter Chesworth, Department of Industry, Innovation, Science, Research and Tertiary Education, Committee Hansard, 13 November 2012, p. 1.

[29]      Mr Peter Chesworth, Department of Industry, Innovation, Science, Research and Tertiary Education, Committee Hansard, 13 November 2012, p. 1.

[30]      Mr Christopher Aylmer, Head, Domestic Markets Department, Reserve Bank of Australia, Committee Hansard, 15 November 2012, p. 1.

[31]      Mr Christopher Aylmer, Head, Domestic Markets Department, Reserve Bank of Australia, Committee Hansard, 15 November 2012, p. 1.

[32]      Mr Peter Strong, Executive Director, Council of Small Businesses of Australia, Committee Hansard, 13 November 2012, p. 26.

[33]      Mr Graham Henderson, Board Member Family Business Australia, Committee Hansard, 14 November 2012, p. 38.

[34]      Mr Bill Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 10.

[35]      Mr David Smorgon, Generation Investments Pty Ltd, Committee Hansard, 14 November 2012, p. 2.

[36]      Family Business Australia, Submission 1, p. 1.

[37]      Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 19.

[38]      Mr Andy Kennard, Owner, Kennards Hire, Committee Hansard, 15 November 2012, p. 48.

[39]      Mr Andy Kennard, Owner, Kennards Hire, Committee Hansard, 15 November 2012, p. 48.

[40]      Professor Mary Barrett, Professor of Management, University of Wollongong, Committee Hansard, 15 November 2012, p. 36.

[41]      See http://www.mgiaust-survey.com/key-findings (accessed 13 December 2012).

[42]      MGI Australasia, Submission 9, p. 2.

[43]      Mr Desmond Caulfield, Director, MGI Australasia, Committee Hansard, 14 November 2012, p. 23.

[44]      Mr Desmond Caulfield, Director, MGI Australasia, Committee Hansard, 14 November 2012, p. 24.

[45]      B. Bernard, 'The development of organization structure in the family firm', Journal of General Management, Autumn, 1975, p. 42.

[46]      L. B. Barnes and S. A. Hershon, 'Transferring power in the family business', Harvard Business Review, 54(4), 1976, p. 106.

[47]      P. Davis, 'Realising the potential of the family business', Organizational dynamics, 12(1), 1983, p. 47.

[48]      P. G. Holland and J. E. Oliver, 'An empirical examination of stages of development of family business', Journal of Business and Entrepreneurship, 4(3), 1992, p. 27.

[49]      Mr Francesco Barbera, Submission 3, p. 3.

[50]      Mr Robert Powell, Partner, Grant Thornton Australia, Committee Hansard, 15 November 2012, p. 12.

[51]      KPMG, Submission 21, p. 6.

[52]      Mr Paul Brassil, Partner, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 26.

[53]      Deloitte Private, Submission 16, p. 3.

[54]      Mr David Hill, National Managing Partner, Deloitte Private, Committee Hansard, 14 November 2012, p. 6.

[55]      KPMG, Submission 21, p. 5.

[56]      Ministry of Trade and Industry, Government of Finland, 'Family Entrepreneurship: Family enterprises as the engines of continuity, renewal and growth-intensiveness', 2006, http://julkaisurekisteri.ktm.fi/ktm_jur/ktmjur.nsf/All/E7E75135A895485BC2257123003F5221/$file/jul7elo_2006_netti.pdf (accessed 12 February 2013).

[57]      First published in the Final Report of the Family Business Expert Group to the European Commission: Overview of family-business-relevant issues: research, networks, policy measures and existing studies, November 2009, http://ec.europa.eu/enterprise/policies/sme/promoting-entrepreneurship/family-business/family_business_expert_group_report_en.pdf (accessed 1 March 2013). See KPMG, Submission 21, p. 6.

[58]      See Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 19.

[59]      Australian Bureau of Statistics, Counts of Australian Businesses, Including Entries and Exits, June 2007 to June 2011, Cat No. 8165.0, released 31 January 2012, p. 7.

[60]      Mr Peter Martin, Policy Officer, Australian Bureau of Agricultural and Resource Economics and Sciences, Committee Hansard, 13 November 2012, p. 40. The National Farmers Federation noted that as farm businesses become more complex in operation and larger in size, there has been a gradual shift in operating structures from sole trader and partnership, to more operating in a trust or company structure. Submission 29, p. 9.

[61]      Mr Peter Martin, Policy Officer, Australian Bureau of Agricultural and Resource Economics and Sciences, Committee Hansard, 13 November 2012, p. 40.

[62]      Mr Shane Bennett, Assistant Secretary, Economic and Infrastructure Policy, Department of Regional Australia, Local Government, Arts and Sport, Committee Hansard, 13 November 2012, p. 35.

[63]      Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 20.

[64]      Mr Matthew Power, ACT Chairman, Family Business Australia, Committee Hansard, 13 November 2012, p. 49.

[65]      Ministry of Trade and Industry, Government of Finland, Family Entrepreneurship: Family enterprises as the engines of continuity, renewal and growth-intensiveness, 2006, p. 23.

[66]      Mr Francesco Barbera, Committee Hansard, 16 November 2012, p. 37.

[67]      N. C. Churchill and K. J. Hatten, 'Non-market based transfers of wealth and power. A research framework for family businesses', American Journal of Small Business, vol. 11, no. 3, 1987, pp 51–64.

[68]      John Ward, Keeping the Family Business Healthy, San Francisco, Jossey-Bass, 1987. John Ward, 'The Special Role of Strategic Planning for Family Businesses', Family Business Review, vol. 1, no. 2, 1988, pp 105–117.

[69]      Mr Francesco Barbera, Submission 3, p. 1.

[70]      Family Business Australia, Submission 1, p. 2; I. Lansberg, E. L. Perrow and S. Rogolsky, 'Family Business as an Emerging Field', Family Business Review, vol. 12, no. 1, 1988, pp 39–46.

[71]      Professor Kenneth Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 17.

[72]      Cited in KPMG, Submission 21, p. 5. See http://www.wifu.de/en/research/definition-of-family-business/ (accessed 1 March 2013).

[73]      Mr Chris Lowe, Bus Association of Victoria, Committee Hansard, 14 November 2012, p. 14.

[74]      Mrs Philippa Taylor, Family Business Australia, Committee Hansard, 14 November 2012, p. 32.

[75]      Ministry of Trade and Industry, Government of Finland, Family Entrepreneurship: Family enterprises as the engines of continuity, renewal and growth-intensiveness, 2006, p. 23. The study referred to a 2003 paper which found that only 18 per cent of firms surveyed had been transferred from one generation to the next. J. Heinonen and J. Toivonen, Perheyritykset suomalaisessa yhteiskunnassa. Teoksessa Heinonen, J. (toim.) Quo Vadis, suomalainen perheyritys? Turun kauppakorkeakoulu, PK-Instituutti, 2003.

[76]      Mr Peter Chesworth, Acting Head, Small Business Division, Department of Industry, Innovation, Science, Research and Tertiary Education, Committee Hansard, 13 November 2012, p. 2.

[77]      Mr Hector Thompson, General Manager of the Small Business Tax Division, Treasury, Committee Hansard, 13 November 2012, p. 13.

[78]      First published in the Final Report of the Family Business Expert Group to the European Commission: Overview of family-business-relevant issues: research, networks, policy measures and existing studies, European Commission, November 2009, pp 11–18.

[79]      Dr Linda Glassop, Family owned businesses: Perspectives on Australian policy, http://dro.deakin.edu.au/eserv/DU:30031227/glassop-familyownedbusinesses-2010.pdf (accessed 1 March 2013).

[80]      Dr Linda Glassop, Family owned businesses: Perspectives on Australian policy, p. 4.

[81]      See for example, Mr Yasser El-Ansary, General Manager, Leadership and Quality, Institute of Chartered Accountants, Committee Hansard, 14 November 2012, p. 21.

[82]      Mr Michael Wilson, Analyst, Small Business Tax Entities Unit, Treasury, Committee Hansard, 13 November 2012, p. 11.

[83]      The committee thanks the ABS for its explanation as to how it approaches the task of forming a national definition for government clients. Correspondence received 27 February 2013.

[84]      The committee understands that the ABS often convenes a 'reference group' to discuss with key agencies the possibilities of a definition and a survey. The committee believes that if the proposed IDC does agree that there is a specific policy need to proceed with a survey, the IDC should fulfil the role that the reference group normally would. The committee also suggests that when the IDC reaches the stage of discussing the type of survey questions, it would be useful for key academics to be involved in these discussions.

[85]      Australian Bureau of Statistics, Correspondence received 27 February 2013.

[86]      Australian Bureau of Statistics, Correspondence received 27 February 2013.

[87]      Australian Bureau of Statistics, Submission 2, p. 2.

[88]      Ms Jacky Hodges, Regional Director, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 18.

[89]      Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 18.

[90]      Ms Jacky Hodges, Regional Director, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 18.

[91]      Australian Bureau of Statistics, Correspondence received 27 February 2013.

Chapter 3 - The availability and reliability of information and statistics on family business

[1]        Professor Ken Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 20.

[2]        Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 13 November 2012, p. 22.

[3]        European Commission, Final Report of the Family Business Expert Group to the European Commission: Overview of family-business-relevant issues: research, networks, policy measures and existing studies, November 2009, http://ec.europa.eu/enterprise/policies/sme/promoting-entrepreneurship/family-business/family_business_expert_group_report_en.pdf

[4]        Australian Bureau of Statistics, Business Longitudinal Database—Introduction, http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8168.0.55.001main+features22004-05%20to%202009-10 (accessed 22 February 2013).

[5]        Australian Bureau of Statistics, Business Longitudinal Database—Introduction, http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8168.0.55.001main+features22004-05%20to%202009-10 (accessed 22 February 2013).

[6]        Mr Frank Barbera on behalf of the Australian Centre for Family Business, Bond University, Submission 3, p. 5. The family business questions were asked of all businesses in 1995–96 and only those new to the study in 1996–97 and 1997–1998. See Australian Bureau of Statistics, http://www.abs.gov.au/websitedbs/D3310114.nsf/0/f7739966adba7636ca2572030016614c/$FILE/1994-95%20to%201997-98%20CURF%20docoV2.pdf (accessed 1 March 2013).

[7]        Mr Frank Barbera, on behalf of the Australian Centre for Family Business, Bond University, Submission 3, p. 5.

[8]        Mr Frank Barbera on behalf of the Australian Centre for Family Business, Bond University, Submission 3, p. 5.

[9]        Mr Frank Barbera, on behalf of the Australian Centre for Family Business, Bond University, Submission 3, p. 5.

[10]      Mr Frank Barbera, on behalf of the Australian Centre for Family Business, Bond University, Submission 3, p. 9.

[11]      See the discussion, Committee Hansard, 16 November 2012, p. 39.

[12]      Kosmas Smyrnios and Claudio Romano, The Pricewaterhouse/Commonwealth Bank Family Business Survey 1994, 1994, http://www.mgiaust-survey.com/sites/default/files/1994_Report.pdf
Kosmas Smyrnios and George Tanewski, The Australian & Private Family Business Survey: 1997, 1997, http://www.mgiaust-survey.com/sites/default/files/1997_Report.pdf
Kosmas Smyrnios, Claudio Romano and George Tanewski, The 1999 Australian Family Business Lifestyle Audit, 1999;
Claudio Romano, Kosmas Smyrnios and Lucio Dana, Succession Matters: The Australian Family Business Survey 2000, 2000;
Kosmas Smyrnios and Rhett Walker, The Australian & Private Family Business: 2003, 2003, http://www.mgiaust-survey.com/sites/default/files/2003_Report.pdf

Kosmas Syrnios and Lucio Dana, The MGI Family and Private Business Survey: 2006, 2006, http://www.mgiaust.com/publications/MGI%20Survey%20book.pdf

Kosmas Smyrnios and Lucio Dana, The MGI Family and Private Business Survey: 2010, 2010, http://www.mgiaust-survey.com/ All documents were accessed on 25 February 2013.

[13]      MGI Australasia, Submission 9, p. 2.

[14]      Respondents could identify more than one reason.

[15]      See Kosmas Smyrnios and Lucio Dana, The MGI Family and Private Business Survey: 2010, 2010, p. 8.

[16]      Family Business Australia, 'Is government overlooking the interests of family business?', Media release, September 2012. http://www.fambiz.org.au/documents/MediaRelease-FamilyBusinessMinister.pdf (accessed 25 February 2013).

[17]      Kosmas Smyrnios and Claudio Romano, The Pricewaterhouse/Commonwealth Bank Family Business Survey 1994, 1994, p. 2; K. Smyrnios, C. Romano and G. A. Tanewski, The Australian & Private Family Business Survey: 1997, 1997, p. 2.

[18]      Lucio Dana and Kosmas Smyrnios, The MGI Australian Family and Private Business Survey 2010, RMIT University, July 2010, p. 9.

[19]      Family Business Australia, Submission 1, p. 2.

[20]      MGI Australasia, The MGI Australian Family and Private Business Survey 2010, http://www.mgiaust-survey.com/sites/default/files/fpbs_report_0.pdf (accessed 20 December 2012)

[21]      MGI Australasia, The MGI Australian Family and Private Business Survey 2010, p. 4.

[22]      A modal class would indicate the number of businesses employing 0–4 employees, 5–9 employees, 10 to 14 employees, 15–19 employees, etc.

[23]      Linda Glassop, Yuen Ching Ho and Dianne Waddell, KPMG and Family Business Australia survey of family business needs, KPMG, 2005, http://peak.fambiz.org.au/documents/item/243;
Linda Glassop, Pauline Hagel and Dianne Waddell, KPMG and Family Business Australia survey of family business needs, KPMG, Canberra, 2006, http://peak.fambiz.org.au/documents/item/245;
Linda Glassop, Pauline Hagel and Dianne Waddell, KPMG and Family Business Australia survey of family business needs 2007, KPMG, 2007, http://peak.fambiz.org.au/documents/item/246;
Linda Glassop, Pauline Hagel and Dianne Waddell, KPMG and Family Business Australia survey of family businesses 2008, Deakin University, Melbourne, Australia, 2008, http://peak.fambiz.org.au/documents/item/247 (all documents accessed 1 March 2013).

[24]      Australian Centre for Family Business, KPMG and Family Business Australia Survey of Family Businesses 2009, 2009, http://peak.fambiz.org.au/documents/item/250 (accessed 1 March 2013).

[25]      KPMG and Family Business Australia, Stewards: Moving forward: moving onwards, 2011, http://www.kpmg.com/au/en/issuesandinsights/articlespublications/documents/family-business-survey-2011.pdf (accessed 1 March 2013).

[26]      MGI Australasia, Submission 9, p. 2.

[27]      Family Business Australia, Submission 1, p. 4.

[28]      50.5 per cent of these respondents employed fewer than 21 employees; 36.5 per cent employed from 21 to 100 employees; and the remaining 13 per cent employed more than 100 employees.

[29]      Family Business Australia, Submission 1, p. 7.

[30]      Linda Glassop, Pauline Hagel and Dianne Waddell, KPMG and Family Business Australia survey of family business needs, KPMG, Canberra, 2006, http://peak.fambiz.org.au/documents/item/245

[31]      Committee Hansard, 15 November 2012, p. 3.

[32]      Linda Glassop, Pauline Hagel and Dianne Waddell, KPMG and Family Business Australia survey of family businesses 2008, Deakin University, Australia, 2008, p. 11.

[33]      Linda Glassop, Pauline Hagel and Dianne Waddell, KPMG and Family Business Australia survey of family businesses 2008, Deakin University, Australia, 2008, p. 3.

[34]      Mr Des Caulfield, Director, MGI Australasia Ltd, Committee Hansard, 14 November 2012, p. 25.

[35]      Mr Des Caulfield, Director, MGI Australasia Ltd, Committee Hansard, 14 November 2012, p. 25.

[36]      Mr Michael Wilson, Analyst, Small Business Tax Unit, Treasury, Committee Hansard, 13 November 2012, p. 11.

[37]      Mr Hector Thompson, General Manager, Small Business Tax Division, Treasury, Committee Hansard, 13 November 2012, p. 11.

[38]      Professor Ken Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, pp 20–21.

[39]      Mr Francesco Barbera, Committee Hansard, 16 November 2012, p. 40.

[40]      BDO Australia, Family business wealth transfer survey, December 2012, http://www.bdo.com.au/resources/newsletters/growth-matters/Growth-Matters,-December-2012/family-business-news/family-business-wealth-transfer-survey (accessed 1 March 2013).

[41]      PricewaterhouseCoopers, Private clients family business survey, http://www.pwc.com.au/private-clients/assets/family-business-survey/Australia-Family-Business-Survey-Oct12.pdf (accessed 1 March 2013).

[42]      PricewaterhouseCoopers, Submission 11, p. 1. PricewaterhouseCoopers, Private clients family business survey, p. 22.

[43]      PricewaterhouseCoopers, Private clients family business survey, p. 18.

[44]      PricewaterhouseCoopers, Private clients family business survey, p. 12.

[45]      PricewaterhouseCoopers, Private clients family business survey, p. 24.

[46]      PricewaterhouseCoopers, Private clients family business survey, p. 26.

[47]      PricewaterhouseCoopers, Private clients family business survey, p. 16.

[48]      Mr Desmond Caulfield, MGI Australasia, Committee Hansard, 14 November 2012, p. 23.

[49]      Mr Yasser El-Ansary, Institute of Chartered Accountants, Committee Hansard, 14 November 2012, pp 16–17.

[50]      Mr Desmond Caulfield, MGI Australasia, Committee Hansard, 14 November 2012, p. 23.

[51]      Mr Paul Brassil, Partner, PricewaterhouseCoopers, Committee Hansard, 14 November 2012, p. 25.

[52]      Mr Michael Claydon, Managing Director, National Corporate Training, Committee Hansard, 7 February 2013, p. 22.

[53]      Mr Stephen Sadlier, Director, Lionel Sampson Sadliers Group, Committee Hansard, 7 February 2013, p. 21.

[54]      Mr David Smorgon, Committee Hansard, 14 November 2012, p. 2.

[55]      Mr Nick Behrens, Queensland Chamber of Commerce and Industry, Committee Hansard, 16 November 2012, p. 1.

[56]      Mrs Genevieve Power, Managing Director, Iken Commercial Interiors, Committee Hansard, 13 November 2012, p. 50.

[57]      Mr Simon Atkinson, First Assistant Secretary, Regional Policy and Coordination, Department of Regional Australia, Local Government, Arts and Sport, Committee Hansard, 13 November 2012, p. 33.

[58]      Mr Christopher Aylmer, Head, Domestic Markets Department, Reserve Bank of Australia, Committee Hansard, 15 November 2012, p. 1.

[59]      Deloitte Private, Submission 16, pp 26–28. The CPA Australia Asia-Pacific Small Business Survey 2011.

[60]      Deloitte Private, Submission 16, p. 4.

[61]      Mr David Hill, Managing Director, Deloitte Private, Committee Hansard, 14 November 2012, p. 3.

[62]      Mr Paul Morris, Executive Director, ABARES, Department of Agriculture, Fisheries and Forestry, Committee Hansard, 13 November 2012, p. 39.

[63]      Mr Paul Morris, Executive Director, ABARES, Committee Hansard, 13 November 2012, p. 39.

[64]      Mr Paul Morris, Executive Director, ABARES, Committee Hansard, 13 November 2012, p. 42.

[65]      Mr Paul Morris, Executive Director, ABARES, Committee Hansard, 13 November 2012, p. 43.

[66]      Mr Paul Morris, Executive Director, ABARES, Committee Hansard, 13 November 2012, p. 43.

[67]      Mr Andrew Harrison, 'Survival of Family Farms: Capital raising and credit access', Document supplied to the committee by Dr Chris Graves, received 14 December 2012.

[68]      Kosmas Smyrnios and Lucio Dana, The MGI Family and Private Business Survey: 2010, 2010, p. 8.

[69]      Mr Tony Poulakis, Australian Taxation Office, Committee Hansard, 13 November 2012, p. 14.

[70]      Mr Tony Poulakis, Australian Taxation Office, Committee Hansard, 13 November 2012, p. 14.

[71]      Mr Bill Allen, Assistant Statistician, Australian Bureau of Statistics, Committee Hansard, 12 November 2012, p. 20.

Chapter 4

[1]        Kennards Self Storage, Submission 15, pp 1–2.

[2]        Mr Donald McKenzie, Private capacity, Committee Hansard, 21 January 2013, p. 9.

[3]        Department of Resources, Energy and Tourism, Submission 31, p. 1.

[4]        Linda Glassop, 'Family owned businesses: Perspectives on Australian Policy', Deakin University, 2010, p. 5, http://dro.deakin.edu.au/eserv/DU:30031227/glassop-familyownedbusinesses-2010.pdf (accessed 24 February 2013).

[5]        Mr Chris Lowe, Chief Executive Officer, Bus Association Victoria, Committee Hansard, 14 November 2012, p. 9.

[6]        Mr Sam Kennard, Kennards Self Storage, Submission 15, p. 2.

[7]        Mr Michael Claydon, Managing Director, National Corporate Training Pty Ltd, Committee Hansard, 7 February 2013, pp 24 and 26.

[8]        Mr Andrew Mostyn, Executive Director, Craig Mostyn Group Pty Ltd., Committee Hansard, 7 February 2013, p. 24.

[9]        Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 10.

[10]      Mr David Hill, National Managing Partner, Deloitte Private, Committee Hansard, 14 November 2012, p. 8.

[11]      Mr Peter Taylor, Family Business Australia, Committee Hansard, 16 November 2012, p. 26.

[12]      Mr Robert Powell, Grant Thornton Australia, Committee Hansard, 15 November 2012, p. 15.

[13]      Professor Kenneth Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 18.

[14]      Mr Stephen Samson, Director, Lionel Samson Sadliers Group, Committee Hansard, 7 February 2013, p. 22.

[15]      Professor Mary Barrett, Professor of Management, University of Wollongong, Committee Hansard, 15 November 2012, p. 36.

[16]      Mr Matthew Power, ACT Chairman, Australian Family Business, Committee Hansard, 13 November 2012, p. 47.

[17]      Nicholas Kachaner, George Stalk and Alain Bloch, 'What you can learn from family business?', Harvard Business Review, November 2012, p. 104.

The research draws on a compiled list of 149 publicly traded, family controlled businesses with revenues of more than $1 billion across the United States, Canada, France, Spain, Portugal, Italy and Mexico where a family owned a significant percentage (not necessarily a majority) of the stock and family members were actively involved on the board and in management. The researchers used a comparison group of non-family controlled businesses, similar in size and in the same countries and sectors.

[18]      Mr Desmond Caulfield, Director, MGI Australasia Ltd, Committee Hansard, 14 November 2012, p. 24.

[19]      Mr Chris Lowe, Bus Association Victoria, Submission 20, p. 11.

[20]      Mrs Janice Taylor, Taylor Bros, Committee Hansard, 21 January 2013, p. 44.

[21]      Mr Robert Pennicott, Pennicott Wilderness Journeys, Committee Hansard, 21 January 2013, p. 28.

[22]      Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 35.

[23]      Mr Peter Taylor, Queensland Committee Member, Family Business Australia, Committee Hansard, 16 November 2012, p. 27; Mr Matthew Power, ACT Chairman, Australian Family Business, Committee Hansard, 13 November 2012, p. 47.

[24]      Mr Hugh McKenzie, Private capacity, Committee Hansard, 21 January 2013, p. 17.

[25]      Mr Matthew Power, ACT Chairman, Australian Family Business, Committee Hansard, 13 November 2012, p. 51.

[26]      Mr Donald McKenzie, Private capacity, Committee Hansard, 21 January 2013, p. 17.

[27]      Mr Chris Lowe, Bus Association Victoria, Submission 20, p. 11.

[28]      Mr Peter Taylor, Queensland Committee Member, Family Business Australia, Committee Hansard, 16 November 2012, p. 27.

[29]      Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 35.

[30]      Professor Ken Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 19.

See also Professor Mary Barrett and Professor Ken Moores, Women in Family Business Leadership Roles: Daughters on the stage, Cheltenham, United Kingdom: Edward Elgar Publishing Limited, 2009.

[31]      Mr Alan Berechree, Committee Hansard, 21 January 2013, p. 20.

[32]      Professor Ken Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 19.

[33]      Nicholas Kachaner, George Stalk and Alain Bloch, 'What you can learn from family business?', Harvard Business Review, November 2012, p. 104.

[34]      Nicolas Kachaner, George Stalk, and Alain Bloch, 'What you can learn from family business?', Harvard Business Review, November 2012, p. 104.

[35]      Mrs Janice Taylor, Taylor Bros, Submission 38, p. 3.

[36]      Mr Alan Berechree, Committee Hansard, 21 January 2013, p. 22.

[37]      Mr Peter Levi, Managing Director, Colorific Australia, Committee Hansard, 14 November 2012, p. 48; Mr Mark Kagan, Committee Hansard, 14 November 2012, p. 48.

[38]      Mr Peter Taylor, Queensland Member, Family Business Australia, Committee Hansard, 16 November 2012, p. 26.

[39]      Mr Peter Levi, Managing Director, Colorific Australia, Committee Hansard, 14 November 2012, p. 39.

[40]      Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 35.

[41]      Mr Stephen Samson, Director, Lionel Samson Sadliers Group, Committee Hansard, 7 February 2013, p. 23.

[42]      Mr Andrew Mostyn, Executive Director, Craig Mostyn Group Pty Ltd, Committee Hansard, 7 February 2013, p. 24.

[43]      Mrs Philippa Taylor, Director, Family Business Australia, Committee Hansard, 14 November 2012, pp 35–36.

[44]      Mr David Smorgon, Director, Generation Investments, Committee Hansard, 14 November 2012, p. 2.

[45]      Mr Chris Lowe, Chief Executive Officer, Bus Association Victoria, Committee Hansard, 14 November 2012, p. 9.

[46]      Mr Michael Sharpe, Joint Managing Director, Sharpe Bros Australia, Committee Hansard, 15 November 2012, pp 45–46.

[47]      Mr Simon Atkinson, First Assistant Secretary, Regional Policy and Coordination, Department of Regional Australia, Local Government, Arts and Sport, Committee Hansard, 13 November 2012, p. 33.

[48]      Mr Donald McKenzie, Private capacity, Committee Hansard, 21 January 2013, p. 9.

[49]      Mr Donald McKenzie, Private capacity, Committee Hansard, 21 January 2013, p. 9.

[50]      Mr Alan Berechree, Committee Hansard, 21 January 2013, p. 25.

[51]      Mr Francesco Barbera and Professor Kenneth Moores, 'Firm ownership and productivity: a study of family and non-family SMEs', Small Business Economics, vol. 29, October 2011, pp 1–24.

[52]      Mr Francesco Barbera, Committee Hansard, 16 November 2012, p. 39.

[53]      Mr Chris Lowe, Chief Executive Officer, Bus Association Victoria, Submission 20, p. 11.

[54]      Mr Chris Lowe, Chief Executive Officer, Bus Association Victoria, Submission 20, p. 9.

[55]      Submission 14, p. 3; The academic papers include:

Richard McMahon, 'An exploratory study of under and over-investment amongst manufacturing SMEs from Australia's Business Longitudinal Survey', International Small Business Journal, vol. 21, no. 1, 2003, pp 29–53;

Richard McMahon, 'Equity agency costs amongst manufacturing SMEs', Small Business Economics, vol. 22, no. 2, 2004, pp 121–140;

Chris Graves and Jill Thomas, 'Internationalization of Australian family businesses: A managerial capabilities perspective', Family Business Review, vol. 19, no. 3, 2006, pp 207–224;

Max Smith, 'An empirical comparison of the managerial development of family and non-family SMEs from Australia's manufacturing sector', Journal of Enterprising Culture, vol. 14, no. 2, 2006, pp 125–141, http://www.flinders.edu.au/sabs/business/research/papers/05-6.pdf (accessed 24 February 2013);

Bernice Kotey and Cathleen Folker, 'Employee training in SMEs: Effect of size and firm type—Family and nonfamily', Journal of Small Business Management, vol. 45, no. 2, 2007,              pp 214–238.

[56]      Jon Hall and Clem Tozer, 'Gazelles in the 1990s: Why did they leap so high?: An analysis of high growth firms from the Australian Business Longitudinal Survey 1994–95 to 1997–98', Small Enterprise Research, vol. 8, no. 2, 2000, pp 71–84, http://sbaer.uca.edu/research/icsb/2000/05.pdf (accessed 24 February 2013).

[57]      Bernice Kotey, 'Are performance differences between family and nonfamily SMEs uniform across all firm sizes?', International Journal of Entrepreneurial Behaviour & Research, vol. 11, no. 6, 2005, pp 394–421.

[58]      Bernice Kotey, 'Goals, management practices, and performance of family SMEs', International Journal of Entrepreneurial Behaviour & Research, vol. 11, no. 1, 2005, pp 3–24. This study was based on 233 small non-family and 362 small family firms. Medium firms comprised 305 family and 341 non-family firms.

[59]      Australian Bureau of Statistics, 8167.0—Selected Characteristics of Australian Businesses, http://www.abs.gov.au/ausstats/abs@.nsf/Products/8167.0~2010-11~Main+Features~Business+Performance?OpenDocument (accessed 28 February 2013).

Chapter 5 - The challenge of succession

[1]        Mr Peter Pagonis, Partner, Deloitte Private, Committee Hansard, 14 November 2012, p. 4.

[2]        Mr Ian Joseph, Executive Chair, Agribusiness Council of Australia, Committee Hansard, 7 February 2013, p. 16.

[3]        See, for example, Moores Family Enterprise, Submission 8, p. 5; Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40; Family Business Australia, Submission 1, p. 2; MGI Australasia, Submission 9, p. 6.

[4]        See, for example, Dr Christopher Graves, Professor Mary Barrett, and Dr Jill Thomas, Submission 14, p. 4; Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, p. 38; Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 34; Ms Rosaria Panteleo, Chief Executive Officer, La Porchetta, Committee Hansard, 14 November 2012, p. 39.

[5]        Lucio E. Dana and Professor Kosmas Smyrnios, The MGI Australian Family and Private Business Survey 2010, RMIT University, July 2010, p. 15.

[6]        Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 10.

[7]        Mr Christopher Lowe, Chief Executive Officer, Bus Association of Victoria, Committee Hansard, 14 November 2012, p. 10.

[8]        National Farmers' Federation, Submission 29, pp 7–8.

[9]        Mr Albert Beard, Chairman and Managing Director, A H Beard Manufacturing, Committee Hansard, 15 November 2012, p. 52.

[10]      Professor Mary Barrett, Professor of Management, University of Wollongong, Committee Hansard, 15 November 2012, p. 40.

[11]      Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 34.

[12]      Mr Peter Pagonis, Partner, Deloitte, Committee Hansard, 14 November 2012, p. 4.

[13]      Mr Christopher Lowe, Chief Executive Officer, Bus Association of Victoria, Committee Hansard, 14 November 2012, p. 10.

[14]      Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 27.

[15]      Lucio E. Dana and Professor Kosmas Smyrnios, The MGI Australian Family and Private Business Survey 2010, July 2010 p. 18.

[16]      See, for example, Mr Peter Ciliberto, Group Managing Director, Ciliberto Nominees Pty Ltd, Committee Hansard, 14 November 2012, p. 43; Mr Andy Kennard, Owner, Kennards Hire, Committee Hansard, 15 November 2012, p. 49; Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, pp 38–39.

[17]      Mr Albert Beard, Chairman and Managing Director, A H Beard Manufacturing, Committee Hansard, 15 November 2012, p. 52.

[18]      Deloitte Private, Submission 16, p. 17.

[19]      Professor Mary Barrett, University of Wollongong, Committee Hansard, 15 November 2012, p. 37.

[20]      KPMG and Family Business Australia, KPMG and Family Business Australia Survey of Family Businesses 2009, p. 26.

[21]      Australian Bureau of Agricultural and Resource Economics and Sciences, answer to question on notice, 14 November 2012 (received 13 December 2012).

[22]      Pitcher Partners Consulting Pty Ltd, Submission 28, p. 8.

[23]      Mr Peter Taylor, Queensland Committee Member, Family Business Australia, Committee Hansard, 16 November 2012, p. 29.

[24]      Mr Andy Kennard, Kennards Hire, Committee Hansard, 15 November 2012, p. 49.

[25]      See, for example, Mr Nick Behrens, General Manager, Advocacy, Chamber of Commerce and Industry Queensland, Committee Hansard, 16 November 2012, p. 8.

[26]      KPMG, Submission 21, p. 10.

[27]      Mr Matthew Power, ACT Chairman, Family Business Australia, General Manager, Power Family Group, Committee Hansard, 14 November 2012, p. 53.

[28]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 47.

[29]      KPMG, Submission 21, p.8.

[30]      Family Business Australia, Australian family business sector statistics, http://fambiz.org.au/documents/AustralianFamilyBusinessSectorStatistics.pdf (accessed 9 November, 2012).

[31]      Mr Paul Brassil, Partners, Private Clients, PricewaterhouseCoopers, Committee Hansard, 14 November 2012, p. 26.

[32]      Dr Christopher Graves, Professor Mary Barrett, and Dr Jill Thomas, Submission 14, p. 4.

[33]      Deloitte Private, Submission 16, p. 16.

[34]      Mr Desmond Caulfield, Director, MGI Australasia Ltd, Committee Hansard, 15 November 2012, p. 25.

[35]      Mr Mark Cleary, Business Adviser, Sharpe Bros, Committee Hansard, 15 November 2012, p. 52.

[36]      Mr Mark Cleary, Business Adviser, Sharpe Bros, Committee Hansard, 15 November 2012, p. 49.

[37]      Mr Albert Beard, Chairman and Managing Director, AH Beard Manufacturing, Committee Hansard, 15 November 2012, p. 52.

[38]      See, for example, Mr Mark Cleary, Business Adviser, Sharpe Bros, Committee Hansard, 15 November 2012, p. 49.

[39]      Mr, Desmond Caulfield, Director, MGI Australasia Ltd, Committee Hansard, 15 November 2012, p. 27.

[40]      Deloitte Private, Submission 16, p. 17.

[41]      MGI Australasia Ltd, Submission 9, p. 5.

[42]      Mr Justin Taylor, Director, T&T Corporation Pty Ltd, Committee Hansard, 16 November 2012, p. 32.

[43]      Mr Justin Taylor, Director, T&T Corporation Pty Ltd, Committee Hansard, 16 November 2012, p. 32.

[44]      Mr Michael Stillwell, Director, Stillwell Motor Group, Committee Hansard, 16 November 2012, p. 44.

[45]      Pitcher Partners Consulting Pty Ltd, Submission 28, p. 8.

[46]      National Farmers' Federation, Submission 29, p. 8.

[47]      Mr Paul Morris, Executive Director, Australian Bureau of Agricultural and Resource Economics and Sciences, Department of Agriculture, Fisheries and Forestry, Committee Hansard, 13 November 2012, p. 44.

[48]      Lucio E. Dana and Professor Kosmas Smyrnios, The MGI Australian Family and Private Business Survey 2010, RMIT University, p. 23.

[49]      Focus group participant, as cited in, KPMG and Family Business Australia, Stewards: Moving Forward, Moving Onward – KPMG and Family Business Australia's Family Business Survey 2011, 2011, p. 24.

[50]      Mr Michael Stillwell, Director, Stillwell Motor Group, Committee Hansard, 16 November 2012, p. 44.

[51]      Mr Matthew Power, ACT Chairman, Family Business Australia, General Manager, Power Family Group, Committee Hansard, 14 November 2012, pp. 47-48.

[52]      Ms Pamela Low, Submission 13, p. 2.

[53]      Mr Justin Taylor, T&T Corporation Pty Ltd, Committee Hansard, 16 November 2012, p. 32.

[54]      Focus group participant, as cited in, KPMG and Family Business Australia, Stewards: Moving Forward, Moving Onward – KPMG and Family Business Australia's Family Business Survey 2011, 2011, p. 26.

[55]      National Farmers' Federation, Submission 29, p.8.

[56]      Institute of Chartered Accountants Australia, Submission 25, p. 3.

[57]      Regional Development Australia Pilbara, Submission 33, p. 2.

[58]      Deloitte Private, Submission 16, p. 17.

[59]      Ms Pamela Low, Principal, Pamela Low and Associates, Committee Hansard, 15 November 2012, p. 10.

[60]      Ms Low, Pamela Low and Associates, Committee Hansard, 15 November 2012, pp 10–11.

[61]      Pitcher Partners Consulting Pty Ltd, Submission 28, p. 7.

[62]      KPMG, Submission 21, p. 2.

[63]      PricewaterhouseCoopers, Submission 11, p. 2.

[64]      KPMG, Submission 21, p. 15.

[65]      Dr Christopher Graves, Professor Mary Barrett, and Dr Jill Thomas, Submission 14, p. 4

[66]      Mr Simon Atkinson, First Assistant Secretary, Regional Apology and Coordination, Department of Regional Australia, Local Government, Arts and Sport, Committee Hansard, 14 November 2012, pp 34 and 37.

[67]      Mr Christopher Lowe, Chief Executive Officer, Bus Association of Victoria, Committee Hansard, 14 November 2012, p. 10.

[68]      KPMG, Submission 21, p. 9.

[69]      KPMG and Family Business Australia, KPMG and Family Business Australia Survey of Family Businesses 2009, 2009, p. 10.

[70]      KPMG and Family Business Australia, Stewards: Moving Forward, Moving Onward – KPMG and Family Business Australia's Family Business Survey 2011, 2011, p. 12.

[71]      KPMG and Family Business Australia, KPMG and Family Business Australia Survey of Family Businesses 2009, 2009, p. 10; KPMG and Family Business Australia, Stewards: Moving Forward, Moving Onward – KPMG and Family Business Australia's Family Business Survey 2011, 2011, p. 12.

[72]      Deloitte Private, Submission 16, p. 16.

[73]      Family Business Australia, Submission 1, p. 7.

[74]      Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, pp 38–39.

[75]      Mr Sam Kennard, Kennards Self-Storage, Committee Hansard, 15 November 2012, p. 50.

[76]      Mr Andy Kennard, Kennards Hire, Committee Hansard, 15 November 2012, p. 49.

[77]      Mr Graham Henderson, Director, Family Business Australia, Committee Hansard, 14 November 2012, p. 43.

[78]      See, for example, Mr Michael Sharpe, Joint Managing Director, Sharpe Bros Australia, Committee Hansard, 15 November 2012, p. 51; Mr Peter Taylor, Queensland Committee Member, Family Business Australia, Committee Hansard, 16 November 2012, p. 27.

[79]      Mr David Hill, National Managing Partner, Deloitte Private, Deloitte Touche Tohmatsu, Committee Hansard, 14 November 2012, p. 43.

[80]      See, for example, MGI Australasia, Submission 9, p. 5.

[81]      Institute of Chartered Accountants, Submission 25, p. 5.

[82]      Mr Simon Le Maistre, Partner,  KPMG, Committee Hansard, 14 November 2012, p. 40.

[83]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[84]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[85]      Mr Robert Powell, Partner, Grant Thornton Australia, Committee Hansard, 15 November 2012, p. 13.

[86]      Mr William Winter, BW Business Development, Committee Hansard, 14 November 2012, p. 41.

[87]      Mr Yasser El-Ansary, General Manager, Leadership and Quality, Institute of Chartered Accountants in Australia, Committee Hansard, 14 November 2012, p. 17.

[88]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[89]      See, for example, Mr Simon Le Maistre, Partner,  KPMG, Committee Hansard, 14 November 2012, p. 40.

[90]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 46.

[91]      Mr Michael Stillwell, Director, Stillwell Motor Group, Committee Hansard, 14 November 2012, p. 45.

[92]      Dr Christopher Graves, Professor Mary Barrett, and Dr Jill Thomas, Submission 14, p. 4.

[93]      Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, p. 47.

[94]      Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, p. 47.

[95]      Mr Yasser El-Ansary, General Manager, Leadership and Quality, Institute of Chartered Accountants in Australia, Committee Hansard, 14 November 2012, p. 21.

[96]      Mr Yasser El-Ansary, General Manager, Leadership and Quality, Institute of Chartered Accountants in Australia, Committee Hansard, 14 November 2012, p. 21.

[97]      Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, p. 38.

[98]      Mr Yasser El-Ansary, General Manager, Leadership and Quality, Institute of Chartered Accountants in Australia, Committee Hansard, 14 November 2012, p. 21.

[99]      Pitcher Partners Consulting Pty Ltd, Submission 28, p.7.

[100]    See, for example, Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, p. 47; Pitcher Partners Consulting Pty Ltd, Submission 28, p.7.

[101]    Pitcher Partners Consulting Pty Ltd, Submission 28, p. 7.

[102]    Professor Kosmas Smyrnios and Lucio E. Dana, The MGI Australian Family and Private Business Survey 2006, Melbourne, p. 24.

[103]    Professor Kosmas Smyrnios and Lucio E. Dana, The MGI Australian Family and Private business Survey 2006, Melbourne, p. 9.

[104]    Lucio E. Dana and Professor Kosmas Smyrnios, The MGI Australian Family and Private Business Survey 2010, RMIT University, July 2010, p. 23.

[105]    See, for example, Dr Christopher Graves, Professor Mary Barrett, and Dr Jill Thomas, Submission 14, p. 4; Family Business Australia, Submission 1, p. 7; Hunter Business Chamber and Regional Development Australia Hunter, Submission 27, p. 4.

[106]    Lynda Glassop, Pauline Hagel and Diane Waddel, KPMG and Family Business Australia Family Business Needs Survey 2006, 2006, p. 8.

[107]    Hunter Business Chamber and Regional Development Australia Hunter, Submission 27, p. 4.

[108]    Hunter Business Chamber and Regional Development Australia Hunter, Submission 27, pp 4–5.

[109]    Mr David Smorgon, Director, General Investments Pty Ltd, Committee Hansard, 14 November 2012, p. 47.

[110]    Mr Peter Pagonis, Deloitte Private, Committee Hansard, 14 November 2012, p. 5.

[111]    Mr David Smorgon, Director, General Investments Pty Ltd, Committee Hansard, 14 November 2012, p. 5.

Chapter 6 - The role of family trusts

[1]        Australian Taxation Office, Guide to the taxation of trusts, http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&doc=/content/00245963.htm&page=3#P44_3570 (accessed 7 December 2012).

[2]        Harold AJ. Ford, Robert P. Austin and Ian M. Ramsay, Ford's Principles of Corporations Law, 12th edition, LexisNexis Butterworths, Chatswood, 2005, p. 24.

[3]        Australian Taxation Office, Guide to the taxation of trusts, http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&doc=/content/00245963.htm&page=3#P44_3570 (accessed 7 December 2012).

[4]        Gino E. Dal Pont and Donald RC. Chalmers, Equity and Trusts in Australia, 4th edition, Lawbook Co, Pyrmont, 2007, p. 570.

[5]        Harold AJ. Ford, Robert P. Austin and Ian M. Ramsay, Ford's Principles of Corporations Law, 12th edition, LexisNexis Butterworths, Chatswood, 2005, p. 24.

[6]        The Hon Justice Paul Brereton, A trustee's lot is not happy one: Address to the National Family Law Conference, 19 October 2010, p. 1, http://www.lawlink.nsw.gov.au/lawlink/Supreme_Court/ll_sc.nsf/vwFiles/brereton191010.pdf/$file/brereton191010.pdf (accessed 7 December 2012).

[7]        The Hon Justice Peter Nygh and Andrew Cotter-Moroz, 'The Law of trusts in the Family Court', Australian Journal of Family Law, 1992, vol.6, pp 4 and 5, as cited in The Hon Justice Paul Brereton, A trustee's lot is not happy one: Address to the National family law conference, 19 October 2010, p. 2, http://www.lawlink.nsw.gov.au/lawlink/Supreme_Court/ll_sc.nsf/vwFiles/brereton191010.pdf/$file/brereton191010.pdf (accessed 7 December 2012).   

[8]        Gino E. Dal Pont and Donald RC. Chalmers, Equity and Trusts in Australia, 2007, p. 49.

[9]        Australian Taxation Office, Guide to the taxation of trusts, http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&doc=/content/00245963.htm&page=3#P44_3570 (accessed 6 December 2012).

[10]      Australian Taxation Office, Guide to the taxation of trusts, http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&doc=/content/00245963.htm&page=3#P44_3570 (accessed 6 December 2012).

[11]      Philip Lipton and Abe Herzberg, Understanding Company Law, 12th edition, Lawbook Co, Pyrmont, 2004, p. 43.

[12]      Gino E. Dal Pont and Donald RC. Chalmers, Equity and Trusts in Australia, 2007, pp 432–433.

[13]      Treasury, Consultation paper: Modernising the taxation of trust income—options for reform, November 2011, p. 4.

[14]      Gino E. Dal Pont and Donald RC. Chalmers, Equity and Trusts in Australia, 2007, p. 434.

[15]      Gino E. Dal Pont and Donald RC. Chalmers, Equity and Trusts in Australia, 2007, p. 434.

[16]      Harold AJ. Ford, Robert P. Austin and Ian M. Ramsay, Ford's Principles of Corporations Law, 12th edition, LexisNexis Butterworths, Chatswood, 2005, p. 20.

[17]      Gino E. Dal Pont and Donald RC. Chalmers, Equity and Trusts in Australia, 2007, pp 434–435.

[18]      Gino E. Dal Pont and Donald RC. Chalmers, Equity and Trusts in Australia, 2007, p. 435.

[19]      Australian Taxation Office, Guide to the taxation of trusts, http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&doc=/content/00245963.htm&page=3#P44_3570 (accessed 7 December 2012).

[20]      Harold AJ. Ford, Robert P. Austin and Ian M. Ramsay, Ford's Principles of Corporations Law, 12th edition, LexisNexis Butterworths, Chatswood, 2005, pp 23–24.

[21]      MGI Australasia, Submission 9, p. 4.

[22]      Mr Tony Poulakis, Assistant Commissioner, Australian Taxation Office, Committee Hansard, 13 November 2012, p. 14.

[23]      Deloitte Private, Submission 16, p. 22.

[24]      MGI Australasia, Submission 9, p. 6.

[25]      Grant Thornton, Submission 18, p. 1.

[26]      Income Tax Assessment Act 1936, Schedule 2F, ss. 272–95(1). 

[27]      Deloitte Private, Submission 16, p. 22.

[28]      KPMG, Submission 21, p. 10.

[29]      Mr Tony Poulakis, Assistant Commissioner, Australian Taxation Office, Committee Hansard, 13 November 2012, p. 15.

[30]      Grant Thornton, Submission 18, p. 1.

[31]      Grant Thornton, Submission 18, pp. 1, 3.

[32]      Mr Hector Thompson, General Manager, Small Business Tax Division, Treasury, Committee Hansard, 13 November 2012, p. 14.

[33]      Mr Hector Thompson, General Manager, Small Business Tax Division, Treasury, Committee Hansard, 13 November 2012, p. 14.

[34]      Harold AJ. Ford, Robert P. Austin and Ian M. Ramsay, Ford's Principles of Corporations Law, 12th edition, LexisNexis Butterworths, Chatswood, 2005, p. 7.

[35]      Harold AJ. Ford, Robert P. Austin and Ian M. Ramsay, Ford's Principles of Corporations Law, 12th edition, LexisNexis Butterworths, Chatswood, 2005, p. 7.

[36]      Pitcher Partners Consulting Pty Ltd, Submission 28, p. 10.

[37]      See, for example, Family Business Australia, Submission 1, p. 7. This issue is explored in chapter 7 of this report.

[38]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[39]      Family Business Australia, Submission 1, p. 7.

[40]      Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 35.

[41]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[42]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[43]      Mr Robert Powell, Partner, Grant Thornton, Committee Hansard, 14 November 2012, p. 13.

[44]      MGI Australasia, Submission 9, p. 7.

[45]      Mr William Winter, BW Business Development, Committee Hansard, 14 November 2012, p. 42.

[46]      Deloitte Private, Submission 16, p. 24.

[47]      Mr Tony Poulakis, Assistant Commissioner, Australian Taxation Office, Committee Hansard, 13 November 2012, p. 15.

[48]      Kay Papadopoulos, ‘Distributions to company beneficiaries from family trusts and Division 7A’, Keeping Good Companies, vol. 62, no. 9, October 2010, pp 562–564.

[49]      See, for example, Family Business Australia, Submission 1, p. 8; KPMG, Submission 21, p 10.

[50]      Australian Taxation Office, Division 7A—Overview, http://www.ato.gov.au/businesses/content.aspx?doc=/content/40223.htm&pc=001/003/075/001/001&mnu=44743&mfp=001&st=&cy= (accessed 21 December 2012).

[51]      Australian Taxation Office, Division 7A—Overview, http://www.ato.gov.au/businesses/content.aspx?doc=/content/40223.htm&pc=001/003/075/001/001&mnu=44743&mfp=001&st=&cy= (accessed 21 December 2012).

[52]      Mr Tony Poulakis, Assistant Commissioner, Australian Taxation Office, Committee Hansard, 13 November 2012, p. 16.

[53]      KPMG, Submission 21, p. 12.

[54]      PricewaterhouseCoopers, Submission 11, p. 3.

[55]      Family Business Australia, Submission 1, p. 8.

[56]      KPMG, Submission 21, p. 11.

[57]      KPMG, Submission 21, p. 11.

[58]      Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 12.

[59]      Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[60]      Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 12.

[61]      Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 13.

[62]      Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 12.

[63]      Deloitte Private, Submission 16, p. 23.

[64]      PricewaterhouseCoopers, Submission 11, p. 4.

[65]      Deloitte Private, Submission 16, p. 23.

[66]      Deloitte Private, Submission 16, p. 23.

[67]      Deloitte Private, Submission 16, p. 24.

[68]      Mr Tony Poulakis, Assistant Commissioner, Australian Taxation Office, Committee Hansard, 13 November 2012, p. 16.

[69]      Mr Hector Thompson, General Manager, Small Business Tax Division, Treasury, Committee Hansard, 13 November 2012, p. 16.

[70]      The Hon David Bradbury MP, Assistant Treasurer, 'Board of Taxation to conduct a post-implementation review of Division 7A', Media release 033, 18 May 2012.

[71]      The Hon David Bradbury MP, Assistant Treasurer, 'Board of Taxation to conduct a post-implementation review of Division 7A', Media release 033, 18 May 2012.

[72]      National Farmers' Federation, Submission 29, p. 9; PricewaterhouseCoopers, Submission 11, p. 3.

[73]      Treasury, Consultation paper: Modernising the taxation of trust income – options for reform, November 2011, pp. 5, 9.

[74]      Dr Ken Henry et al, Australia's Future Tax System: Final Report, 'Chapter B: Investment and entity taxation', December 2009, p. 190, http://www.taxreview.treasury.gov.au/content/FinalReport.aspx?doc=html/publications/Papers/Final_Report_Part_2/chapter_b2-2.htm (accessed 21 January 2013).

[75]      Antony H. Slater QC, 'Taxing trust income after Bamford's case', 2011, 40 AT Rev 60 at 80.

[76]      Dr Ken Henry et al, Australia's Future Tax System: Final Report, 'Chapter B: Investment and entity taxation', December 2009, p. 190, http://www.taxreview.treasury.gov.au/content/FinalReport.aspx?doc=html/publications/Papers/Final_Report_Part_2/chapter_b2-2.htm (accessed 21 January 2013).

[77]      Dr Ken Henry et al, Australia's Future Tax System: Final Report, 'Chapter B: Investment and entity taxation', Recommendation 36, December 2009, p. 191, http://www.taxreview.treasury.gov.au/content/FinalReport.aspx?doc=html/publications/Papers/Final_Report_Part_2/chapter_b2-2.htm (accessed 21 January 2013).

[78]      National Farmers' Federation, Submission 29, p. 9; PricewaterhouseCoopers, Submission 11, p. 3.

[79]      The Hon Bill Shorten MP, Minister for Financial Services and Superannuation, 'Farmers benefit with changes to trust laws', Media release 025, 16 December 2010.

[80]      The Hon Bill Shorten MP, Minister for Financial Services and Superannuation, 'Farmers benefit with changes to trust laws', Media release 025, 16 December 2010.

[81]      National Farmers' Federation, Submission 29, p. 9; PricewaterhouseCoopers, Submission 11, p. 3. 

[82]      National Farmers' Federation, Submission 29, p. 9; PricewaterhouseCoopers, Submission 11, p. 3.

[83]      See, for example, Institute of Chartered Accountants Australia, Submission 25, p. 5.

[84]      See, for example, MGI Australasia, Submission 9, p. 8.

[85]      MGI Australasia, Submission 9, p. 7.

[86]      Institute of Chartered Accountants Australia, Submission 25, p. 5.

[87]      Schedule 1, Item 9, section 126–220, Tax Laws Amendment (2009 Measures No. 6) Bill 2009.

[88]      Explanatory Memorandum, Tax Laws Amendment (2009 Measures No. 6) Bill 2009, paragraphs 1.29; 1.32–1.33.

[89]      The Hon Chris Bowen MP, Assistant Treasurer, 'Government abolishes trust cloning tax concession', Media release 092, 31 October 2008.

[90]      Explanatory Memorandum, Tax Laws Amendment (2009 Measures No. 6) Bill 2009, paragraphs 1.4–1.5.

[91]      The Hon Dr Craig Emerson MP, Minister Assisting the Finance Minister on Deregulation, House of Representatives Hansard, 25 November 2009, p. 12776; The Hon Chris Bowen MP, Assistant Treasurer, 'Government abolishes trust cloning tax concession', Media release 092, 31 October 2008; Explanatory Memorandum, Tax Laws Amendment (2009 Measures No. 6) Bill 2009, paragraph 1.6.

[92]      See, for example, Institute of Chartered Accountants Australia, Submission 25, p. 5.

[93]      See, for example, Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 32.

[94]      Institute of Chartered Accountants Australia, Submission 25, p. 5.

[95]      Currently known as the Institute of Chartered Accountants Australia.

[96]      Institute of Chartered Accountants in Australia, Submission concerning the proposed abolition of the capital gains tax trust cloning exception, 8 December 2008, p. 3, http://archive.treasury.gov.au/documents/1448/PDF/ICAA.pdf (accessed 15 January 2013).

[97]      Treasury, 'Abolishing the capital gains tax (CGT) trust cloning exception and providing rollover for fixed trusts—Summary of consultation process', 2009, p.1, http://archive.treasury.gov.au/documents/1435/PDF/Consultation_Summary.pdf (accessed 15 January 2013).

[98]      Explanatory Memorandum, Tax Laws Amendment (2009 Measures No. 6) Bill 2009, p.7.

[99]      Mr Peter Levi, Managing Director, Co-owner, Colorific Australia, Committee Hansard, 14 November 2012, p. 38.

[100]    Mr Graham Henderson, Director, Family Business Australia, Committee Hansard, 14 November 2012, p. 43.

[101]    KPMG, Submission 11, p. 7.

[102]    KPMG, Submission 11, p. 15.

[103]    Institute of Chartered Accountants Australia, Submission 25, p. 5.

[104]    KPMG, Submission 11, p. 16.

[105]    Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 14.

[106]    Mr Paul McMahon, Manager, Small Business Tax General Unit, Treasury, Committee Hansard, 13 November 2012, p. 12.

[107]    See, for example, Mr Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 40.

[108]    MGI Australasia, Submission 9, p. 8.

[109]    MGI Australasia, Submission 9, p. 8.

[110]    Institute of Chartered Accountants Australia, Submission 25, p. 5.

[111]    KPMG, Submission 11, p. 16.

[112]    PricewaterhouseCoopers, Submission 11, p. 2.

[113]    Mr Donald McKenzie, Committee Hansard, 21 January 2013, p. 10.

[114]    Mr Robert Powell, Partner, Grant Thornton, Committee Hansard, 14 November 2012, p. 13.

[115]    Mr Robert Powell, Partner, Grant Thornton, Committee Hansard, 14 November 2012, p. 13.

[116]    Grant Thornton, Submission 18, p. 3; Mr Robert Powell, Partner, Grant Thornton, Committee Hansard, 14 November 2012, p. 15.

[117]    Mr Peter Strong, Executive Director, Council of Small Business Australia, Committee Hansard, 13 November 2012, p. 28.

[118]    Australian Securities and Investments Commission Act 2001, s. 243.

[119]    Kennon v Spry [2008] HCA 56. A useful summary of the case is provided in High Court of Australia, Public Information Officer, 'Kennon v Spry', Media release, 3 December 2008; the Hon Justice Paul Brereton AM RFD, A trustee's lot is not a happy one – Address to the National Family Law Conference October 2010, 19 October 2010, http://www.lawlink.nsw.gov.au/lawlink/Supreme_Court/ll_sc.nsf/vwFiles/brereton191010.pdf/$file/brereton191010.pdf (accessed 18 January 2013).

[120]    Marriage of Johnson (2000) 155 FLR 44 at 50–52 per Warnick J, as cited in Dal Pont and Chalmers, Equity and Trusts in Australia, 2007, p. 525.

[121]    See, for example, the Hon Justice Paul Brereton AM RFD, A trustee's lot is not a happy one – Address to the National Family Law Conference October 2010, 19 October 2010, http://www.lawlink.nsw.gov.au/lawlink/Supreme_Court/ll_sc.nsf/vwFiles/brereton191010.pdf/$file/brereton191010.pdf (accessed 18 January 2013); McCullough Robertson, Assets of the family trust not necessarily a risk on a family breakdown, http://www.mccullough.com.au/icms_docs/126467_Structuring_-_14_June_2012.pdf (accessed 18 January 2013); Norton and Smailes, Discretionary trusts, their treatment by the Family Court, and possible tax issues, http://www.nortonsmailes.com.au/newsletters/discretionary-trusts-and-their-treatment-by-the-fa/ (accessed 18 January 2013).

[122]    Kennon v Spry [2008] HCA 56, at 57 per French CJ.

[123]   Kennon v Spry [2008] HCA 56, at 65 per French CJ.

[124]    Australian Securities and Investments Commission Act 2001, s. 243.

[125]    Australian Securities and Investments Commission Act 2001, s. 1.

[126]    See, for example, Mr Donald Hugh McKenzie, Private capacity, Committee Hansard, 21 January 2013, p. 17.

[127]    See, for example, Mr McKenzie, Private capacity, Committee Hansard, 21 January 2013, p. 17; Mr Robert Powell, Partner, Grant Thornton Australia, Committee Hansard, 15 November 2012, p. 15.

[128]    Queensland Law Reform Commission, The law relating to perpetuities accumulations, Report No.7, 24 May 1971, p. 2.

[129]    Law Reform Committee of South Australia, Relating to the reform of the law to perpetuities, Report No. 73, 8 November 1983, p. 2, citing Grey on Perpetuities and Cadell v Palmer (1833) 1 Cl. & Fin 372; E.R. 956.

[130]    Northern Territory Law Reform Committee, Report on the rules against perpetuities and accumulations, Report No. 15, October 1993, p. 3.

[131]    Nemesis Australia Pty Ltd v Commissioner of Taxation (2005) 225 ALR 576 at [24] per Tamberlin J, as cited in Dal Pont and Chalmers, Equity and Trusts in Australia, 2007, p. 512.

[132]    Law of Property Act 1936, s. 1.

[133]    Law of Property (Perpetuities and Accumulations) Amendment Act 1996 (SA).

[134]    Law Reform Committee of South Australia, Relating to the reform of the law to perpetuities, Report 73, 8 November 1983, pp 4 and 12.

[135]    Law of Property Act 1936, s. 62.

[136]    Law Reform Commission of Nova Scotia, The rules against perpetuities—Final report, December 2010, pp 22–23.

[137]    Law Reform Commission of Nova Scotia, The rules against perpetuities—Final report, December 2010, p. 29.

[138]    Law of Property Act (NT), Part 11; Perpetuities Act 1984 (NSW); Perpetuities and Relations Act 1985 (ACT); Perpetuities and Accumulations Act 1968 (VIC); Perpetuities and Accumulations Act 1992 (Tas); Property Law Act 1969, Part XI (WA); Property Law Act 1974, Part 14 (QLD).

[139]    Law of Property Act (NT), s. 187.

[140]    Queensland Law Reform Commission, The law relating to perpetuities accumulations, Report No.7, 24 May 1971, p. 3.

[141]    Northern Territory Law Reform Committee, Report on the rules against perpetuities and accumulations, Report No. 15, October 1993, p. 3.

[142]    The 1971 Queensland Law Reform Commission report—The law relating to perpetuities and accumulations—provides an overview of the policy reasons for excluding superannuation funds.

[143]    Superannuation Industry (Supervision) Act 1993, s. 343.

[144]    Law of Property Act 1936, s. 62.

[145]    The Manitoba Law Reform Commission, Report on the rules against accumulations and perpetuities, Report 49, 12 February 1982, pp 41 and 60.

[146]    The Law Reform Commission, Report on the rule against perpetuities and cognate rules, 2000, p. 98.

[147]    The Law Reform Commission, Report on the rule against perpetuities and cognate rules, 2000, p. 47.

[148]    The Law Commission, The rules against perpetuities and excessive accumulations, 1998, p. 91.

[149]    New South Wales Law Reform Commission, Report of the Law Reform Commission on perpetuities and accumulations, Report No. 6, 26 August 1976, p. 61.

[150]    Northern Territory Law Reform Committee, Report on the rules against perpetuities and accumulations, Report No. 15, October 1993, p. 18.

[151]    New South Wales Law Reform Commission, Report of the Law Reform Commission on perpetuities and accumulations, Report No. 6, 26 August 1976, p. 61; Northern Territory Law Reform Committee, Report on the rules against perpetuities and accumulations, Report No. 15, October 1993, Appendix F, p. 18.

[152]    The Law Reform Commission, Report on the rule against perpetuities and cognate rules, 2000, p. 47.

[153]    The Law Commission, The rules against perpetuities and excessive accumulations, 1998, p. 92.

[154]    Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 14.

[155]    Mr Donald McKenzie, Private Capacity, Committee Hansard, 21 January 2013, p. 17.

[156]    See, for example, PricewaterhouseCoopers, Submission 11, p 3.

[157]    PricewaterhouseCoopers, Submission 11, p 3.

[158]    Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 31.

[159]    Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 13.

[160]    PricewaterhouseCoopers, Submission 11, p 3.

[161]    Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 31.

[162]    Mr Hector Thompson, General Manager, Small Business Tax Division, Treasury, Committee Hansard, 15 November 2012, p. 15.

[163]    Mr Paul Brassil, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 31.

[164]    Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 47.

[165]    Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 13.

[166]    Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 31; Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 14.

[167]    Mr Donald McKenzie, Private Capacity, Committee Hansard, 21 January 2013, p. 17.

[168]    See, for example, Mr Donald McKenzie, Private Capacity, Committee Hansard, 21 January 2013, p. 18.

[169]    Mr Donald McKenzie, Private Capacity, Committee Hansard, 21 January 2013, p. 17.

[170]    Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 32.

[171]    Mr Simon Le Maistre, Partner, KPMG, Committee Hansard, 14 November 2012, p. 47.

[172]    Professor Mary Barrett, Professor of Management, University of Wollongong, Committee Hansard, 15 November 2012, p. 40.

[173]    Dr Chris Graves, Business School, University of Adelaide, Committee Hansard, 15 November 2012, p. 40.

[174]    See, for example, Grant Thornton, Submission 18, p. 3.

[175]    Mr Paul Brassil, Partner, Private Clients, PricewaterhouseCoopers, Committee Hansard, 15 November 2012, p. 32.

[176]    The Manitoba Law Reform Commission, Report on the rules against accumulations and perpetuities, Report No. 49, 12 February 1982, pp 41–42.

Chapter 7 - Legislative and common law frameworks – further challenges affecting Australian family companies

[1]        Parliamentary Joint Committee on Corporations and Financial Services, Better shareholders – Better company: Shareholder engagement and participation in Australia, June 2008, p. 1.

[2]        Parliamentary Joint Committee on Corporations and Financial Services, Better shareholders – Better company: Shareholder engagement and participation in Australia, Recommendation 10, 2008, p. 35.

[3]        Parliamentary Joint Committee on Corporations and Financial Services, Better shareholders – Better company: Shareholder engagement and participation in Australia, 2008, p. 35.

[4]        Parliamentary Joint Committee on Corporations and Financial Services, Better shareholders – Better company: Shareholder engagement and participation in Australia, 2008, pp 34–35; citing Mr Christopher Johnston, Family Business Australia, Committee Hansard, 15 April 2008, pp 36–37.

[5]        Family Business Australia, Submission 3 - Submission to the 2008 'Better shareholders – Better company' inquiry, p. 7.

[6]        Family Business Australia, Submission 2, p. 5.

[7]        MGI Australasia, Submission 9, p. 4.

[8]        Family Business Australia, Submission 2, p. 5.

[9]        Mrs Philippa Taylor, Chief Executive Officer, Committee Hansard, 14 November 2012, p. 35.

[10]      MGI Australasia, Submission 9, p. 4.

[11]      Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 11.

[12]      Mr William Noye, National Leader, Family Business Services, KPMG, Committee Hansard, 16 November 2012, p. 11.

[13]      MGI Australasia, Submission 9, p. 4.

[14]      MGI Australasia, Submission 9, p. 4.

[15]      Institute of Chartered Accountants Australia, Submission 25, p. 3.

[16]      Mr Stephen Sampson, Director, Lionel Sampson Sadleirs Group, Committee Hansard, 7 February 2013, p. 18.

[17]      Mr Graham Henderson, Director, Family Business Australia, Committee Hansard, 14 November 2012, p. 38.

[18]      Government responses to parliamentary committee reports, Response to the schedule tabled by the Speaker of the House of Representatives on 25 November 2010, circulated by the Leader of the House, the Hon. Anthony Albanese MP, 6 July 2011, p. 3.

[19]      Treasury, Submission 40 – Submission to the 2008 'Better shareholders – Better company' inquiry, p. 1.

[20]      Treasury, Submission 40 – Submission to the 2008 'Better shareholders – Better company' inquiry, p. 1; as cited in Parliamentary Joint Committee on Corporations and Financial Services, Better shareholders – Better company: Shareholder engagement and participation in Australia, 2008, p. 35.

[21]      Treasury, Submission 40 - Submission to the 2008 'Better shareholders – Better company' inquiry, p. 1.

[22]      Mr David Woods, General Manager, Corporations and Capital Markets Division, Treasury, Committee Hansard, 13 November 2012, p. 13.

[23]      Mr David Woods, General Manager, Corporations and Capital Markets Division, Treasury, Committee Hansard, 13 November 2012, p. 13.

[24]      Mr David Woods, General Manager, Corporations and Capital Markets Division, Treasury, Committee Hansard, 13 November 2012, p. 13.

[25]      Mr David Woods, General Manager, Corporations and Capital Markets Division, Treasury, Committee Hansard, 13 November 2012, p. 14.

[26]      Institute of Chartered Accountants Australia, Submission 25, pp 3–5; MGI Australasia, Submission 9, pp 5–6.

[27]      Australian Securities and Investments Commission and MoneySmart, Employee share schemes, https://www.moneysmart.gov.au/investing/shares/employee-share-schemes (accessed 1 February 2013).

[28]      Australian Taxation Office, Employee share schemes – guide for employees, http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&menuid=0&doc=/content/00224640.htm&page=4&H4 (accessed 1 February 2013).

[29]      The Hon Wayne Swan MP, Treasurer, 'Better targeting the employee share scheme tax concessions', Media release, 12 May 2009.

[30]      Treasury, Submission 26, p. 1.

[31]      Explanatory Memorandum, Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009, paragraphs 1.84–1.86.

[32]      Income Tax Assessment Act 1997, s. 83A.5.

[33]      Australian Taxation Office, Employee share schemes – guide for employees, http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&menuid=0&doc=/content/00224640.htm&page=4&H4 (accessed 1 February 2013).

[34]      Institute of Chartered Accountants Australia, Submission 25, p. 4.

[35]      Institute of Chartered Accountants Australia, Submission 25, p. 4.

[36]      Income Tax Assessment Act 1997, ss. 83A.35(6).

[37]      Income Tax Assessment Act 1936, s. 139CD.

[38]      Treasury, answer to question on notice, 4 February 2013 (received 8 February 2013).

[39]      Income Tax Assessment Act 1997, ss. 83A.35(9).

[40]      Board of Taxation, Review into elements of the taxation of employee share scheme arrangements, February 2010, p. 5.

[41]      Institute of Chartered Accountants Australia, Submission 25, p. 3.

[42]      Institute of Chartered Accountants Australia, Submission 25, p. 4; MGI Australasia, Submission 9, p. 6.

[43]      Mr Yasser El-Ansary, General Manager, Leadership and Quality, Institute of Chartered Accountants Australia, Committee Hansard, 14 November 2012, p. 19.

[44]      Institute of Chartered Accountants Australia, Submission 25, p. 4.

[45]      MGI Australasia, Submission 9, p. 6.

[46]      Institute of Chartered Accountants Australia, Submission 25, p. 4.

[47]      Treasury, Submission 26, p. 1.

[48]      Treasury, Submission 26, p. 1.

[49]      Treasury, answer to question on notice, 4 February 2013 (received 8 February 2013).

[50]      Treasury, answer to question on notice, 4 February 2013 (received 8 February 2013).

[51]      Productivity Commission, Executive remuneration in Australia: Productivity Commission inquiry report, Report No. 49, Terms of Reference, 19 December 2009, p. iv.

[52]      Productivity Commission, Executive remuneration in Australia: Productivity Commission inquiry report, Report No. 49, 2009, p. 328.

[53]      Income Tax Assessment Act 1997, s. 83A.35.

[54]      Explanatory Memorandum, Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009, paragraph 1.117.

[55]      Productivity Commission, Executive remuneration in Australia: Productivity Commission inquiry report, Report No. 49, 2009, p. 341.

[56]      Productivity Commission, Executive remuneration in Australia: Productivity Commission inquiry report, Report No. 49, 2009, Recommendation 17, p. xli.

[57]      MGI Australasia, Submission 9, p. 6.

[58]      Institute of Chartered Accountants Australia, Submission 25, p. 3.

[59]      Institute of Chartered Accountants Australia, Submission 25, p. 5.

[60]      Institute of Chartered Accountants Australia, Submission 25, p. 3.

[61]      Treasury, Submission 26, p. 1.

[62]      Treasury, answer to question on notice, 4 February 2013 (received 8 February 2013).

[63]      Senator the Hon Nick Sherry, Assistant Treasurer, 'Details of further industry consultation on employee share schemes tax reforms', Media release No. 017, 24 July 2009. In considering the terms of reference to inquire into 'whether shares and rights under an employee share scheme at a start-up, R&D or speculative focused company should have separate tax deferral arrangements', the Board of Taxation noted the attraction of employee share schemes for 'cash-strapped' companies - Board of Taxation, Review into elements of the taxation of employee share scheme arrangements, February 2010, p. ix.

[64]      Board of Taxation, Review into elements of the taxation of employee share scheme arrangements, February 2010, p. ix.

[65]      Institute of Chartered Accountants Australia, Submission 25, p. 4.

[66]      Explanatory Memorandum, Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009, paragraph 1.134.

[67]      Explanatory Memorandum, Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009, paragraph 1.135.

[68]      Institute of Chartered Accountants Australia, Submission 25, p. 4.

[69]      Senator the Hon Nick Sherry, 'Taxation of employee share schemes', Media release No. 011, 1 July 2009.

[70]      See, for example, CPA Australia, Submission re reform of the taxation of employee share schemes, http://archive.treasury.gov.au/documents/1573/PDF/CPA_Australia.PDF (accessed 8 February 2013).

[71]      Explanatory Memorandum, Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009, paragraph 1.191.

[72]      See, for example, PricewaterhouseCoopers, Submission: Reform of the taxation of employee share schemes, http://archive.treasury.gov.au/documents/1573/PDF/PriceWaterhouseCoopers.pdf  (accessed 8 February 2013).

[73]      Treasury, Employee share schemes: Summary of consultation process, http://archive.treasury.gov.au/documents/1559/PDF/ESS_consultation_summary.pdf (accessed 8 February 2013).

[74]      Mr David Hill, National Managing Director of Deloitte Private, Committee Hansard, 14 November 2012, p. 8.

[75]      MGI Australasia Ltd, From the dining room to the board room – Family business in focus: The MGI Australian Family and Private Business Survey 2010, July 2010, p. 7.

[76]      MGI Australasia Ltd, Submission 9, p. 5.

[77]      MGI Australasia Ltd, Submission 9, p. 5.

[78]      MGI Australasia Ltd, Submission 9, p. 5.

[79]      MGI Australasia Ltd, From the dining room to the board room—Family business in focus: The MGI Australian Family and Private Business Survey 2010, July 2010, p. 14.

[80]      Deloitte Private, Submission 16, p. 19.

[81]      Corporations Act 2001, Part 2D.1.

[82]      Corporations Act 2001, s180.

[83]      Corporations Act 2001, s182.

[84]      Australian Securities and Investments Commission, 'Decision in Centro civil penalty case', Media release 11-125MR, 27 June 2011, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/11-125MR%20Decision%20in%20Centro%20civil%20penalty%20case?opendocument (accessed 19 February 2013)

[85]      Australian Securities and Investments Commission, 'Decision in Centro civil penalty case', Media release 11-125MR, 27 June 2011, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/11-125MR%20Decision%20in%20Centro%20civil%20penalty%20case?opendocument (accessed 19 February 2013)

[86]      Australian Securities and Investments Commission, 'Decision in Centro Civil Penalty Case', Media release 11 – 125MR, 27 June 2011.

[87]      KPMG, Stewards: Moving forward, moving onward – KPMG and Family Business Australia's Family Business Survey 2011, 2011, p. 11.

[88]      Australian Securities and Investments Commission, Your company and the law, Information Sheet No. 79, http://www.asic.gov.au/asic/asic.nsf/byheadline/Your+company+and+the+law (accessed 19 February 2013).

[89]      Australian Securities and Investments Commission, 'Decision in Centro civil penalty case', Media release 11-125MR, 27 June 2011, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/11-125MR%20Decision%20in%20Centro%20civil%20penalty%20case?opendocument (accessed 19 February 2013).

Chapter 8 - The family business sector's access to finance and its response to the global financial crisis

[1]        See, for example, Commonwealth Bank of Australia, Submission 24, pp 1–4; Deloitte Private, Submission 16, pp 26–27; Reserve Bank of Australia, Submission 17, p. 1.

[2]        Mr Christopher Aylmer, Head, Domestic Markets Department, Reserve Bank of Australia, Committee Hansard, 15 November 2012, p. 3.

[3]        Mr Aylmer, Reserve Bank of Australia, Committee Hansard, 15 November 2012, p. 1.

[4]        Commonwealth Bank of Australia, Submission 24, p. 2.

[5]        Commonwealth Bank of Australia, Submission 24, p. 1.

[6]        Mr Aylmer, Reserve Bank of Australia, Committee Hansard, 15 November 2012, p. 1.

[7]        BusinessSA, Submission 23, p. 2; Bond University, Submission 3, p. 9; Institute of Certified Bookkeepers, Submission 36, p. 4.

[8]        Deloitte Private, Submission 16, pp 26–27.

[9]        CCIQ, Submission 19, p. 2.

[10]      Dr Chris Graves, Family Business and Education and Research Group, University of Adelaide, Professor Mary Barrett, School of Management and Marketing, University of Wollongong, Dr Jill Thomas, Family Business Education and Research group, University of Adelaide, Submission 14, p. 5.

[11]      Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, 'Terms of Reference', April 2011, p. vii.

[12]      Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, April 2011, pp 15–16.

[13]      Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, April 2011, p. 14; Treasury, Submission 16—Access for small and medium business to finance, 2011, p. 5.

[14]      Reserve Bank of Australia, Submission 17, p. 1.

[15]      NAB, Submission 19—Access for small and medium business to finance, 2011, p. 1.

[16]      PricewaterhouseCoopers, Family firm: A resilient model for the 21st century, October 2012, p 11.

[17]      Professor Kosmas Smyrnios, The MGI Australian Family and Private Business Survey, July 2010, p. 15.

[18]      Mr Robert Pennicott, Managing Director, Pennicott Wilderness Journeys, Committee Hansard, 21 January 2013, p. 28.

[19]      Mr Paul Orton, Director, Policy and Advocacy, New South Wales Business Chamber, Committee Hansard, 15 November 2012, p. 20.

[20]      Mr Andy Kennard, Submission 5, p. 2.

[21]      Commercial Asset Finance Brokers Association of Australia, Supplementary Submission, p. 1.

[22]      Agribusiness Council of Australia, Submission 37, p. 8.

[23]      Mr Tim Hicks, Policy Adviser, Business, Regulation and Economics, New South Wales Business Chamber, Committee Hansard, 15 November 2012, p. 17.

[24]      PricewaterhouseCoopers, Submission 11, Attachment A, p. 17.

[25]      Bond University, Submission 3, pp 8–9.

[26]      Councillor Steven Kons, Mayor, Burnie City Council, Committee Hansard, 21 January 2013, p. 3.

[27]      Mr Albert Beard, Chairman and Managing Director, A. H. Beard Manufacturing, Committee Hansard, 15 November 2012, p. 52.

[28]      Mr Mark Cleary, Business Adviser, Sharpe Bros, Committee Hansard, 15 November 2012, pp 52–53.

[29]      Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, April 2011, pp 6–7.

[30]      See, for example, KPMG, Submission 21, p. 19; Kosmas Smyrnios, and Lucio Dana, MGI New Zealand Family and Private Business Survey 2007, 2007, p. 16.

[31]      Professor Kenneth Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 24.

[32]      KPMG, Submission 21, p. 19.

[33]      See, for example, Institute of Chartered Accountants Australia, Submission 25, p. 5.

[34]      Institute of Chartered Accountants Australia, Submission 25, p. 5.

[35]      Institute of Chartered Accountants Australia, Submission 25, p. 5.

[36]      Bond University, Submission 3, p. 10.

[37]      Bond University, Submission 3, p. 11.

[38]      MGI Australasia, Submission 9, p. 8.

[39]      Pitcher Partners, Submission 28, p. 12.

[40]      Pitcher Partners, Submission 28, p. 13.

[41]      MGI Australasia, Submission 9, p. 8.

[42]      MGI Australasia, Submission 9, p. 8.

[43]      Taylor Bros, Submission 38, p. 3.

[44]      Mr Michael Claydon, Managing Director, National Corporate Training Pty Ltd, Committee Hansard, 2 February 2012, p. 21.

[45]      Pitcher Partners, Submission 28, p. 12.

[46]      KPMG and Family Business Australia, KPMG and Family Business Australia Survey of Family Businesses 2009, p. 17, http://peak.fambiz.org.au/education/resources/australian-family-business-surveys-statistics (accessed 23 October 2012).

[47]      Institute of Chartered Accountants Australia, Submission 25, p. 5.

[48]      Deloitte Private, Submission 16, p. 28.

[49]      Institute of Certified Bookkeepers, Submission 36, p. 4.

[50]      FINH, Submission 34, p. 1.

[51]      Deloitte Private, Submission 16, p. 26.

[52]      Deloitte Private, Submission 16, p. 26.

[53]      Mr Paul Orton, Director, Policy and Advocacy, New South Wales Business Chamber, Committee Hansard, 15 November 2012, p. 17.

[54]      Institute of Chartered Accountants Australia, Submission 25, p. 6.

[55]      Institute of Chartered Accountants Australia, Submission 25, p. 6.

[56]      Pitcher Partners, Submission 28, p. 13.

[57]      Mr Ian Joseph, Executive Chair, Agribusiness Council of Australia Ltd, Committee Hansard, 7 February 2013, p. 15.

[58]      Packer Leather, Submission 4, p. 5.

[59]      Mr Robert Pennicott, Managing Director, Pennicott Wilderness Journeys, Committee Hansard, 21 January 2013, p. 28.

[60]      Bank for International Settlements, 'International regulatory framework for banks (Basel III)', http://www.bis.org/bcbs/basel3.htm (accessed 21 February 2013).

[61]      Australian Prudential Regulation Authority, 'APRA releases final package to implement Basel III capital reforms', Media release, 13 November 2012.

[62]      Deloitte Private, Submission 16, p. 26.

[63]      Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, April 2011, pp 24–33.

[64]      Reserve Bank of Australia, 'Private equity in Australia', Financial Stability Review 2007, March 2007, p. 59.

[65]      PricewaterhouseCoopers, Private clients private business barometer—Private equity supplement – Winter 2012, 2012, p. 4.

[66]      PricewaterhouseCoopers, Private clients private business barometer—Private equity supplement – Winter 2012, 2012, p. 16.

[67]      MGI Australasia, Submission 9, p. 8.

[68]      MGI Australasia, Submission 9, p. 8.

[69]      Bond University, Submission 3, p. 12.

[70]      Professor Ken Moores, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 24.

[71]      Deloitte Private, Submission 16, p. 29.

[72]      PricewaterhouseCoopers, Private clients private business barometer – Private equity supplement – Winter 2012, 2012, p. 16.

[73]      Deloitte Private, Submission 16, p. 28,

[74]      Associate Professor Pi-Shen Seet, Submission 35, p. 1.

[75]      Associate Professor Pi-Shen Seet, Submission 35, pp 1–2.

[76]      Associate Professor Pi-Shen Seet, Submission 35, p. 5.

[77]      FINH, Submission 34, p. 2.

[78]      Professor Ken Moores, Moores Family Enterprise, Committee Hansard, 16 November 2012, p. 24.

[79]      FINH, Submission 34, p. 2.

[80]      Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, Recommendation 2, April 2011, p. 38.

[81]      Institute of Certified Bookkeepers, Submission 36, Attachment A, p. 13.

[82]      Pitcher Partners, Submission 28, p. 13.

[83]      Pitcher Partners, Submission 28, p. 13;
Mr Peter Strong, Executive Director, Council of Small Business Australia, Committee Hansard, 13 November 2012, p. 26.

[84]      Mr David Shave, Principal, David Shave Investments Pty Ltd, Committee Hansard, 14 November 2012, p. 41.

[85]      Mr Pennicott, Pennicott Wilderness Journeys, Committee Hansard, 21 January 2013, p. 29.

[86]      Pitcher Partners, Submission 28, p. 13.

[87]      Family Business Australia, Submission 1, p. 8.

[88]      Agribusiness Council of Australia, Submission 37, p. 8.

[89]      Mr Pennicott, Pennicott Wilderness Journeys, Committee Hansard, 21 January 2013, p. 29; Kennards Hire, Submission 5, p. 2.

[90]      CCIQ, Submission 19, Attachment A, p. 8.

[91]      Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 35.

[92]      Mrs Philippa Taylor, Chief Executive Officer, Family Business Australia, Committee Hansard, 14 November 2012, p. 35.

[93]      Mr Christopher Lowe, Chief Executive Officer, Bus Association of Victoria, Committee Hansard, 14 November 2012, p. 12.

[94]      Mr Lowe, Bus Association of Victoria, Committee Hansard, 14 November 2012, p. 12.

[95]      Mr Des Caulfield, Director, MGI Australasia, Committee Hansard, 14 November 2012, p. 25.

[96]      Mr Caulfield, MGI Australasia, Committee Hansard, 14 November 2012, p. 24.

[97]      Mrs Diane Tompson, Managing Director, Powercom Group Pty Ltd, and Family Business Australia, Committee Hansard, 21 January 2013, p. 38.

[98]      Technigro, as cited in Family Business Australia, Soul stories, Free Run Press Pty Ltd, Kent Town, 2012, p. 188.

[99]      Vellex, as cited in Family Business Australia, Soul stories, p. 206; Tobin Brothers, as cited in Family Business Australia, Soul stories, p. 194.

[100]    WSL – Wine Storage and Logistics, as cited in Family Business Australia, Soul stories, p. 216.

[101]    Mr Alan Berechree, Owner, Burnie Newsagency, Committee Hansard, 21 January 2013, p. 20.

[102]    CCIQ, Submission 19, p. 2.

[103]    Institute of Chartered Accountants Australia, Submission 25, p. 6.

[104]    Pitcher Partners, Submission 28, p. 15.

[105]    Packer Leather, Submission 4, p. 6.

[106]    Mr Raymond Hind, Chief Executive Officer, Hind's Transport Services, Committee Hansard, 7 February 2013, p. 23.

[107]    Institute of Certified Bookkeepers, Submission 36, p. 4.

[108]    BusinessSA, Submission 23, p. 2.

[109]    Moores Family Enterprise, Submission 8, p. 6. Dr Chris Graves, Family Business and Education and Research Group, University of Adelaide, Professor Mary Barrett, School of Management and Marketing, University of Wollongong, Dr Jill Thomas, Family Business Education and Research group, University of Adelaide, Submission 14, p. 5.

[110]    KPMG and Family Business Australia, KPMG and Family Business Australia Survey of Family Businesses 2009, 2009, p. 5.

[111]    KPMG and Family Business Australia, Stewards: Moving Forward, Moving Onward – KPMG and Family Business Australia's Family Business Survey 2011, 2011, p. 8.

[112]    Moores Family Enterprise, Submission 8, p. 6.

[113]    Rachel Hewitt, 'Family businesses weather the financial crisis', Herald Sun, 12 October 2009, http://www.news.com.au/business/worklife/family-businesses-weather-the-financial-crisis/story-fn3p68a7-1225785663194 (accessed 26 February 2013).

[114]    Dr Chris Graves, Family Business and Education and Research Group, University of Adelaide, Professor Mary Barrett, School of Management and Marketing, University of Wollongong, Dr Jill Thomas, Family Business Education and Research group, University of Adelaide, Submission 14, p. 5.

[115]    Deloitte Private, Submission 16, p. 30.

[116]    Deloitte Private, Submission 16, p 30; Dr Chris Graves, Family Business and Education and Research Group, University of Adelaide, Professor Mary Barrett, School of Management and Marketing, University of Wollongong, Dr Jill Thomas, Family Business Education and Research group, University of Adelaide, Submission 14, p. 5.

[117]    Kosmas Smyrnios and Lucio Dana, The MGI Family and Private Business Survey: 2010, July 2010, p. 15.

[118]    Kosmas Smyrnios and Lucio Dana, The MGI Family and Private Business Survey: 2010, July 2010, p. 15.

[119]    Kosmas Smyrnios and Lucio Dana, The MGI Family and Private Business Survey: 2010, July 2010, p. 4.

[120]    MGI Australasia, Family business owners concerned about their future post the global financial crisis, http://www.mgiaust-survey.com/articles/family-business-owners-concerned-about-their-future-post-global-financial-crisis (accessed 26 February 2013).

[121]    Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, April 2011, pp 29–30.

[122]    Organisation for Economic Co-Operation and Development, OECD Economic Surveys, Australia: Volume 2010/21, Supplement 3 – Overview, p. 3.

[123]    Organisation for Economic Co-Operation and Development, OECD Economic Surveys, Australia: Volume 2010/21, Supplement 3, p. 12.

[124]    Organisation for Economic Co-Operation and Development, OECD Economic Surveys, Australia: Volume 2010/21, Supplement 3 – Overview, p. 3.

[125]    European Commission and the Austrian Institute for SME Research, Overview of family business relevant issues – Final report, 2008, p. 56.

[126]    KPMG and Family Business Australia, KPMG and Family Business Australia Survey of Family Businesses 2009, 2009, p. 5.

[127]    Hawkins Family Group, as cited in Family Business Australia, Soul stories, p. 104.

[128]    Mr Frank Barbera, Committee Hansard, 16 November 2012, p. 39.

[129]    See, for example, Dr Chris Graves, Family Business and Education and Research Group, University of Adelaide, Professor Mary Barrett, School of Management and Marketing, University of Wollongong, Dr Jill Thomas, Family Business Education and Research group, University of Adelaide, Submission 14, p. 5.

[130]    KPMG, Submission 21, p. 22.

[131]    Mrs Genevieve Power, Managing Director, Iken Commercial Interiors, Committee Hansard, 13 November 2012, p. 51.

[132]    Mrs Power, Iken Commercial Interiors, Committee Hansard, 13 November 2012, p. 51.

[133]    Deloitte Private, Submission 16, p. 13.

[134]    Mr Francesco Barbera and Professor Ken Moores, 'Firm ownership and productivity: a study of family and not family SMEs', Small Business Economics, Vol. 29, October 2011.

[135]    Nicolas Kacher, George Stalk and Alain Bloch, 'What you can learn from family business', Harvard Business Review, November 2012, pp 103–106.

[136]    Nicolas Kacher, George Stalk and Alain Bloch, 'What you can learn from family business', Harvard Business Review, November 2012, p. 104.

[137]    OECD Steering Group on Corporate Governance, 'The Corporate Governance Lessons from the Financial Crisis', 11 February 2009, ISSN 1995–2864, Financial Market Trends, Vol. 1, 2009.

[138]    OECD Steering Group on Corporate Governance, 'The Corporate Governance Lessons from the Financial Crisis', 11 February 2009, ISSN 1995–2864, Financial Market Trends, Vol. 1, 2009, pgs 3 and 5.

[139]    Nicolas Kacher, George Stalk and Alain Bloch, 'What you can learn from family business', Harvard Business Review, November 2012, p. 104.

[140]    Nicolas Kacher, George Stalk and Alain Bloch, 'What you can learn from family business', Harvard Business Review, November 2012, p. 106.

[141]    Mr Francesco Barbera, PhD Scholar and Adjunct Lecturer, Faculty of Business, Bond University, Committee Hansard, 16 November 2012, p. 3.

[142]    Mr Graham Henderson, Director, Family Business Australia, Committee Hansard, 14 November 2012, p. 43.

[143]    Ms Sophie Andrew, Senior Policy Analyst, Chamber of Commerce and Industry Queensland, Committee Hansard, 16 November 2012, p. 3.

[144]    Ms Sophie Andrew, Senior Policy Analyst, Chamber of Commerce and Industry Queensland, Committee Hansard, 16 November 2012, p. 3.

[145]    Mrs Power, Iken Commercial Interiors, Committee Hansard, 13 November 2012, p. 51.

[146]    Decorative Imaging Pty Ltd, as cited in Family Business Australia, Soul stories, p. 62.

[147]    Mr Paul Orton, Director, Policy and Advocacy, New South Wales Business Chamber, Committee Hansard, 15 November 2012, p. 22.

[148]    Mr Tim Hicks, Policy Adviser, Business, Regulation and Economics, New South Wales Business Chamber, Committee Hansard, 15 November 2012, p. 22.

[149]    Ms Sophie Andrew, Senior Policy Analyst, Chamber of Commerce and Industry Queensland, Committee Hansard, 16 November 2012, p. 3.

[150]    Mr Nick Behrens, General Manager, Advocacy, Chamber of Commerce and Industry Queensland, Committee Hansard, 16 November 2012, p. 3.

[151]    Ms Sophie Andrew, Senior Policy Analyst, Chamber of Commerce and Industry Queensland, Committee Hansard, 16 November 2012, p. 3.

[152]    See Recommendation 7, chapter four.

Chapter 9 - Conclusion

[1]        Professor Ken Moores, Executive Chairman, Moores Family Enterprise, Committee Hansard, Brisbane, 16 November 2012, p. 18.

[2]        Laserforce International, Submission 32.

[3]        Mr Peter Strong, Executive Director, Council of Small Business of Australia, Committee Hansard, 14 November 2012, p. 26.