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Australian Government gets serious about games with first ever industry tax break | Development News

The Australian Government has announced it will be funding the countries first tax break for the games industry, with a 30 per cent offset. The move is set to energise the industry in the country, as previous tax breaks in the likes of Canada and the UK have.
Announced as part of the broader Digital Economy Strategy (via Gamesindustry.biz), in which the country is investing $1.2bn of this year’s budget, with a plan that leads all the way up to 2030.
Australian and New Zealand trade body IGEA welcomed the move, describing it as “one of the most significant [tax incentives] to be implemented anywhere in the world.” ....

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Australia introduces tax break for games

The Australian government unveiled its Digital Economy Strategy, which includes a brand new tax break for game studios.
The Digital Games Tax Offset is a 30% tax relief to support Australia taking a greater share of the AU$250 billion global game development market, the announcement said.
The aim is to support business growth and change to the way Australian businesses can claim depreciation of intangible assets like intellectual property and in-house software, the announcement continued.
It s the first ever federal tax incentive for the Australian game development scene, the Interactive Games & Entertainment Association noted in a release welcoming the announcement.
This is a very welcomed day for Australian-made video games, said IGEA CEO Ron Curry. The Government s new investment commitment today will do many things. It will spur the creation of brand new Australian game development studios, give existing Australian studios the support they need to tak ....

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Government's 30% digital games tax offset a game changer for industry

May 6, 2021 2:17
The Morrison Government today, 6 May 2021, has announced a 30% tax offset for video game development.
The announcement comes as part of this year’s Federal Budget, aiming to invest in Australia’s digital economy.
The 30% refundable tax offset will be eligible for businesses that spend a minimum of $500,000 on qualifying Australian games expenditure. The Government will consult with the industry mid-2021 to define the criteria of expenditure.
The Interactive Games & Entertainment Association (IGEA) has responded to the proposed changes, welcoming Australia’s first federal tax incentive for video game development.
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IGEA’s CEO, Ron Curry, has responded with enthusiasm to the news ....

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