Australia to introduce massive tax relief scheme

Monday, 20 June 2011 01:34 GMT By Brenna Hillier

Australian officials have approved an AUD $1.8 billion tax relief bill for the games industry.

Develop reports the bill is set to go into action in July, providing research and development tax breaks for companies under the “digital creative industries” banner.

According to Interactive Games and Entertainment Association CEO Ron Curry, news of the decision “has already attracted the interest of many global game publishers”.

“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,” said Antony Reed, CEO of the Game Developers Association of Australia.

Australia’s games industry has suffered enormous declines in recent years, including staff cuts of up to 50 precent since 2008.

Thanks, Joystiq.