ONE-IP INTERNATIONAL – John Aclis
Ask the Federal Government what they think of baby boomers, and the answer will probably be “there are too darn many”. Over 15% of Australians are over 65 years of age and this number is expected to reach as high as 22% within the next 40 years. The government’s main concern is the financial burden retirees pose.
The 2018-19 Budget offers a uniquely refreshing approach to addressing this issue however. Rather than further restricting access to the pension, the government intends to help seniors re-enter the workforce, but not as workers – as their own bosses.
“It’s never too late, you’re never too old to start a business.” – Scott Morrison (2018-19 Budget speech)
The Federal Government recently unveiled its “More Choices for a Longer Life” initiative, which aims to facilitate seniors seeking to start their own business by subsidising re-training and providing free business support.
If you are interested in being an Entrepreneur, some of the new benefits and facilities being made available include:
- The Entrepreneurship Facilitators program, which is being expanded to 20 more locations and is now targeting seniors as well as youth. See our article on the Entrepreneurs’ Program for more details about funding, support, connections and management advise available under this initiative.
- A Skills and Training Incentive is being offered which provides up to $2000 for workers aged between 45 and 70 to take up reskilling or upskilling opportunities.
- The Pension Work Bonus has been expanded to specifically include self-employed entrepreneurs and has been increased to allow seniors to earn up to $7,800 a year before their pension is affected.
So What’s Next?
When putting your business idea into practice, the first step must always be registering your intellectual property, as ownership of a brand or new product is determined by whomever is the first to register. Registering late can render months of work useless, while registering early can provide a monopoly over that intellectual property which can become your most valuable asset.
For comprehensive advice on how you can move forward with your next great idea, contact the team at ONE IP International.
©2018 ONE-IP INTERNATIONAL PTY LTD
