Australian video game developers have coped with the pandemic quite well, according to new data from the Interactive Games and Entertainment Association.
TORONTO, May 14, 2021 (GLOBE NEWSWIRE) Interactive Games Technologies Inc. (“Interactive Games” or the “Company”) (CSE: BETS) (FSE: F0O) (OTC: BLITF) is pleased to announce the closing of a non-brokered private placement for gross proceeds of $6,732,779.37 (the “Offering”) through the issuance of 20,402,362 common shares in the capital of the Company (“Common Shares”) at a price of $0.33 per Common Share. In connection with the closing of the Offering, the Company paid aggregate finder's fees of $15,576 and issued an aggregate of 47,200 finders warrants (the "Finder Warrants") to registered finders. Each Finder Warrant entitles the holder to purchase one Common Share at a price of $0.33 for a period of 24 months from the closing of the Offering. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicab
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Budget paves way for small business-led national economic recovery
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson says the Federal Government’s 2021 Budget is a clear acknowledgement that small and family businesses are central to the nation’s economic recovery and future prosperity.
The Budget includes several new, extended and enhanced measures to support small businesses including:
$129.8 million to encourage entrepreneurship through the New Enterprise Incentive Scheme (NEIS) and Entrepreneurship Facilitators Program
$1.2 billion investment in the digital economy
$10 billion guarantee of reinsurance pool to cover cyclone and flood damage across Northern Australia
$506 million extension of federal government’s JobTrainer program
Gaming industry tax offset brings standards in line with film, TV
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Local gaming industry stalwarts have welcomed the new 30 per cent tax offset to be introduced as part of the governmentâs new digital economy strategy, but are quick to point out that their growing sector extends far beyond just game makers themselves.
Chris Smith, a peak games industry analyst and founder and chief executive of Big Esports, said the tax incentive is a great start, but he wants outsiders to understand that game development is a small sliver of a much bigger picture.
Fruit Ninja is an Australian-made smartphone game favourite. Â
The Australian government unveiled its Digital Economy Strategy, which includes a brand new tax break for game studios.
The Digital Games Tax Offset is a 30% tax relief to support Australia taking a greater share of the AU$250 billion global game development market, the announcement said.
The aim is to support business growth and change to the way Australian businesses can claim depreciation of intangible assets like intellectual property and in-house software, the announcement continued.
It s the first ever federal tax incentive for the Australian game development scene, the Interactive Games & Entertainment Association noted in a release welcoming the announcement. This is a very welcomed day for Australian-made video games, said IGEA CEO Ron Curry. The Government s new investment commitment today will do many things. It will spur the creation of brand new Australian game development studios, give existing Australian studios the support they need to take on ambitious