The federal budget includes tax breaks for video game developers – channelnews

The federal budget includes tax breaks for video game developers – channelnews

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Ron Curry, CEO of the Interactive Games and Entertainment Association, has welcomed the announcement. The tax cuts will be available from 1 July, 2022 to “Australian resident companies or foreign resident companies with a permanent establishment in Australia.”

“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 take on ambitious new projects and accelerate their growth, plus attract further blockbuster AAA studios to Australia, all of which will create game development jobs in every state.” “The Government will introduce a 30 per cent refundable tax offset for eligible businesses that spend a minimum of $500,000 on qualifying Australian games expenditure. This tax offset will make Australia an attractive destination for digital talent. Consultation with industry in mid-2021 will inform the criteria and definition of qualifying expenditure to support the development of digital games. Games with gambling elements or that cannot obtain a classification rating will not be eligible.

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