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
Give us a call if you'd like help understanding what this means for you and your business.
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