Government to introduce 30 per cent Digital Games Tax Offset
The games industry is among the early winners of next week’s Federal Budget, which will include a 30 per cent Digital Games Tax Offset.
Announced today as part of a $1.2 billion Digital Economy Strategy outlined by Prime Minister Scott Morrison and the Minister for Superannuation, Financial Service and the Digital Economy, Jane Hume, the rebate is designed to support Australia “taking a greater share of the $250 billion global game development market”.
Eligible businesses will be required to incur a minimum of $500,000 per game on qualifying Australian games expenditure, while the maximum offset a game developer will be able to claim in each year is $20 million.
It comes seven years after the Australian Interactive Games Fund was terminated as a result of funding cuts to Screen Australia announced in the 2014 Budget.
The sector has since experienced widespread growth, both domestically and internationally, surpassing $4 billion in annual sales within Australia (Interactive Games...
Announced today as part of a $1.2 billion Digital Economy Strategy outlined by Prime Minister Scott Morrison and the Minister for Superannuation, Financial Service and the Digital Economy, Jane Hume, the rebate is designed to support Australia “taking a greater share of the $250 billion global game development market”.
Eligible businesses will be required to incur a minimum of $500,000 per game on qualifying Australian games expenditure, while the maximum offset a game developer will be able to claim in each year is $20 million.
It comes seven years after the Australian Interactive Games Fund was terminated as a result of funding cuts to Screen Australia announced in the 2014 Budget.
The sector has since experienced widespread growth, both domestically and internationally, surpassing $4 billion in annual sales within Australia (Interactive Games...
- 6/5/2021
- de Sean Slatter
- IF.com.au
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