Feeds

Aus gaming and ICT get R&D tax boost

AUD$1.8m tax credit for innovators

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Australia may increase its international competitiveness as a gaming and ICT development hub following a new R&D tax incentive passed by the Federal government.

From July 1 an AUD$1.8 billion R&D Tax Credit comes into effect for innovative industries including manufacturers, ICT and biotech.

It will deliver a 45 percent refundable tax credit to companies with an aggregated turnover of less than $20 million and a 40 percent non-refundable offset to all others.

Following multi-party discussions, the Government will introduce quarterly payments for small and medium businesses from 1 January 2014. These firms will get their credit sooner, significantly improving their cash flow and incentive to invest in R&D.

An advisory group will be established through the Innovation Australia Board to monitor the implementation and operation of the Credit. The Game Developers’ Association of Australia (GDAA) welcomed the introduction of the R&D Tax Bill.

“Innovation is at the heart of game development and the introduction of the new legislation not only assists in leveling the global competitive playing field, but also affords the local industry the opportunity to challenge traditional gameplay conventions,” said Antony Reed, CEO of the GDAA.

The Government, via AusIndustry, will run an extensive awareness campaign to ensure firms are kept up to date.

According to Ron Curry, the CEO of the Interactive Games and Entertainment Association, global game publishers have already shown interest in the Australian marker in the expectation of the R&D tax reform. “The games industry is already a major contributor to the GDP’s of a number of international territories and the introduction of the legislation could well put Australia on the same path,” he said. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.