Provide tax breaks for veteran business owners

To the Honourable President and members of the Senate in Parliament assembled: Provision of tax breaks for veteran business owners

The petition of the undersigned shows: 9% of U.S. businesses are veteran owned, yet veterans own less than 1% of Australian businesses. This disparity is partially due to the U.S. having higher military participation (7%) than Australia (3%), yet this does not fully explain the almost ten-fold difference in veteran entrepreneurship between our countries.

The government would increase veteran participation in the business sector and increase new employment opportunities nationwide (e.g. 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 supporting veterans through education in entrepreneurship skills, however veterans also often require financial support to assist them in starting and growing their own businesses.

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. This would increase veteran employment opportunities nationwide as well as increase opportunities for non-veterans through the creation of new small and medium enterprises.

Your petitioners ask that the Senate introduce a $50,000 tax break for all Australian military veterans, and offer a tax credit of up to $5,000 per new employee per annum for veteran owned businesses that hire fellow veterans.