The digital games and interactive entertainment sector is
the largest creative sector in the world and one of the fastest growing industries worldwide.
The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021
generating $226.5 million in income and employing over 1,300 fulltime workers. And, it’s an industry the Government wants to support
with a new tax offset.
The Digital Games Tax Offset is equal to 30% of the company’s total qualifying Australian development expenditure incurred from 1 July
2022. Companies can claim up to $20 million per company (or group of companies) per year (to reach the cap a company would need to spend
around $66.7 million in eligible expenditure).
Globally, a 40% tax offset is standard for this industry so
the tax offset brings Australia back into a competitive
position.
Give us a call if you'd like help understanding what this means for you and your business.
Car loans can feature either fixed or variable interest rates, each with its own set of advantages and disadvantages.
With the surge in property prices, the barrier to entry has never been higher. However, there are many different ways to get into the market.
The difference between the price of units and houses continues to grow, with homes now costing $300,000 more.
The national median house price officially reached $1,005,242 marking the highest price on record.
Vendors are looking to capitalise on rising prices with a surge in new listings hitting the market across Sydney and Melbourne.
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Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.
A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
From 1 July 2024, the amount you can contribute to super will increase.
Thousands of taxpayers and their agents were advised by the Australian Taxation Office that they had an outstanding historical tax debt.
In Australia, testamentary trusts have become useful for more people than ever before. They're not just for the wealthy anymore.
In this podcast episode of The Accountant That Builds we're starting off with a deep dive into the world of superannuation, helping you understand how to make the most of your retirement savings.
There are effective ways to fit out your practice for maximum efficiency and success.
Construction cost increases have reaccelerated, but the good news is they are now returning to their normal trend.
Jackie Prossor shares her story on growth and evolving as a professional and a business owner, with the help of Shannon and the SMART Business Solutions team.
Commercial transactions could start to rebound in 2025, with lower prices.
A rally in the second half of the month helped global share markets generate solid gains in January, extending the rally from November and December.
Simone was burdened with excessive debt. They have a large house with a large mortgage. Not only did this mean that her and her family were going backwards financially, she was stressed and this was affecting her ability to concentrate for long hours.
Investing in property can be a lucrative venture, especially for small business owners looking to diversify their portfolio or secure a stable source of income.
As a small business owner or employee on wages, planning for your future includes managing your superannuation effectively.
Before committing to any car loan, it’s vital that you examine the fine print. Ensure you understand every aspect of the loan and ask questions.
A stable employment history is important when it comes to assessing your borrowing power.
In the ever-evolving landscape of small business ownership, it is imperative to remain vigilant and proactive, especially when it comes to financial management. We delve into key strategies and insights to help small business owners navigate financial challenges effectively.
In this episode of The Accountant That Builds, Shannon Smit talks about business structure and setting yourself up with the right foundations to ensure a stable ground to encourage business growth, hiring, expansion and compliance.
Australia’s surging population growth is likely to drive increased demand for both rental properties and student accommodation.
When interest rates are changing, borrowers need to be proactive in how they manage their mortgage.
The smaller capital cities of Perth and Brisbane are expected to be the top performers over the next 12 months.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
Consolidating various debts into your home loan can be a strategic financial move that reduces your interest and allows you to pay the debt down faster.
The problem when the evidence doesn’t match what the taxpayer tells the ATO.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
An agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes.
One of the best parts of the summer holidays is packing up the car and heading off on a family holiday. Many Australians are staying at caravan parks in iconic locations
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Home is the biggest expense and the sooner you can pay down the debt, the better off you’re going to be financially.
With affordability challenges in major cities, buyers may explore "bridesmaid suburbs" – second-choice areas that offer more reasonable property prices.
Buying a property, whether as an investment or residence, is never a straightforward process. Take time to research properties, and then make a competitive offer to get the deal done.
Without the need for upfront payments, asset finance can play an important role in improving a business's cash flow management.
The report found that student accommodation is also likely to see steady rental growth in 2024.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
