Australian games tax breaks bill officially approved
Australia's Digital Games Tax Offset has now officially been approved.
As shared by Australian games trade body IGEA, the bill passed through legislation today, having been approved by both Houses of Parliament.
Initially unveiled in 2021, the DGTO provides a 30% tax incentive to Australian studios with projects above AU$500,000. It will have a retrospective effect from July 1, 2022.
As part of the announcement, IGEA highlighted that Australian developers have seen their revenue rise 26% year-on-year, with full time employment also growing 59%.
IGEA CEO Ron Curry commented: "Today is a momentous occasion for Australian games creators, who have an extraordinary reputation internationally. These developers can now confidently proceed, expand and scale their businesses to deliver in-demand game content to a global audience and are well positioned to drive the knowledge economy.
"Recognition and support for our sector has been a long time coming and we cannot express how grateful we are to the Albanese Labor government for pushing the DGTO legislation through, to the Opposition for their bipartisan support for a policy proposal that had its genesis under the previous government, and to the Senate for passing it today."
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