Launch of Senate Petition for Veteran Tax Break
Announcement posted by Empathic Labs 29 Nov 2022
Sydney, NSW – Veteran led innovation agency Empathic Labs announces the launch of a Senate petition to provide a $50,000 tax break to Australia’s nearly 600,000 veterans in hopes of encouraging increased entrepreneurial activity and employment nationwide.
U.S. Census data reveals that 9% of U.S. businesses are veteran owned, whilst ABS data reveals that veterans own less than 1% of businesses in Australia. Whilst this disparity is partially due to the U.S. having higher military participation (7%) than Australia (3%), it does not explain the almost ten-fold difference in veteran entrepreneurship between countries.
Empathic Labs Director, Chris Rhyss Edwards believes the government would increase veteran participation in the business sector and increase new employment opportunities nationwide through the creation of new ventures by providing financial incentives that encourage veterans to become entrepreneurs.
“Schemes such as the governments Veterans’ Employment Commitment, and programs provided through the Department of Education, Skills and Employment, are already supporting veterans through valuable education in entrepreneurship skills, however I believe veterans would also greatly benefit from financial support to assist them in starting and building their own businesses,” he said.
Edwards added, “Introducing a $50,000 tax break for veterans, as well as offering a tax credit whereby veteran business owners earn an income tax credit of up to $5,000 annually for hiring fellow veterans, would encourage more veterans to become business owners.”
In June, 2022, Department of Veteran Affairs revealed that 581,139 Australians have reported they have served or are currently serving in the Australian Defence Force (ADF).
“Should the Senate petition succeed, an expected outcome would be an increase in veteran employment opportunities nationwide as well as increased opportunities for non-veterans through the creation of new small and medium enterprises,” said Edwards.
Boilerplate: Empathic Labs is a global award winning innovation agency. Founder, former Army Combat Engineer and Peacekeeper, Chris Rhyss Edwards was a finalist in the Prime Minister’s Veteran Entrepreneur of The Year awards in 2019 and is currently undertaking a PhD to research and develop a veteran specific start-up accelerator program.
Contact Information: Empathic Labs. Chris Rhyss Edwards. 0425 478 533.