Some great news for the Australian games industry which has long been in the fight for tax breaks and incentives going as far back as 2003.
The Government has given cross-bench support for a R&D tax credits bill of $1.8 billion starting on the 1st of July, 2011, awarding relief to local companies who can demonstrate innovation. The two main components of the new R&D Tax Credit Program are:
- a 45 per cent refundable tax offset available to companies with an aggregated turnover of less than $20 million; and
- a 40 per cent non-refundable tax offset available for all other companies
Games Developers Association of Australia (GDAA) chief executive, Antony Reed, has welcomed the announcement...
Since the first announcement of the R&D Tax reform and in our own discussions with the Department, it became very clear that the government has confidence in the abilities of Australian SMEs to deliver ground-breaking innovations for the global market.
Innovation is at the heart of game development and the introduction of the new legislation not only assists in levelling the global competitive playing field, but also affords the local industry the opportunity to challenge traditional gameplay conventions.
Games have both driven advances in technology and brought advanced technologies into millions of homes around the world. The industry is constantly exploring new mechanisms to create engaging and meaningful experiences for players