In late 2018, the Australian Government
asked that the ATO accelerate the implementation of e‑invoicing and have the
standards, infrastructure and interim governance in place by March 2019.
The trans-Tasman
approach is based on international standards which will allow business
systems to ‘speak’ to each other, resulting in fewer errors.
E-invoicing relies on open standards and
technology solutions to exchange invoices seamlessly, without manual input. It
removes the need to create paper-based or PDF invoices, scan, post or email, or
manually enter them.
E-invoices can be sent directly to a
customer’s software system, even if the buyer and supplier are using different
systems. It’s secure, safe and reliable.
E-Invoicing standards will ensure that all
businesses in all sectors can access and benefit from e‑invoicing, regardless of
their size and the systems they currently use.
Some of the benefits that business can
expect from adopting e-invoicing include:
·
Improved cash
flow and quicker payments
·
Easier
processing and cost savings
·
Available for
every business size.
For more information, check out ato.gov.au/einvoicing