Launch of consultation on electronic invoicing
A number of Australia’s leading businesses were gathered by the government to discuss options for the rollout of e-invoicing to cut red tape and running costs for Australia’s businesses.
In Australia, over 1.2 billion invoices are exchanged annually with almost 90 per cent of small and medium business still processing paper-based invoices.
When an e-invoice replaces a paper invoice, the businesses involved could share savings of up to $20 per invoice. These reforms have the potential to deliver significant economic benefits for businesses and the wider Australian economy.
Greater adoption of e-invoicing by businesses is an important part of the Government’s JobMaker Plan announced in the 2020-21 Budget.
Over 20 business leaders were involved in the roundtable discussions, including representatives from BHP, Bunnings, BOC Gas, Telstra and Origin Energy, as well as major e-invoicing service providers MYOB, Xero, Intuit and SAP.
The consultation also builds on the Morrison Government’s announcement that all Commonwealth Government agencies must be able to receive e-invoices by 1 July 2022, with large agencies required to ready by 1 July 2021.
The Morrison Government expects that it will become common practice for businesses to be able to use e-invoicing when dealing with all three levels of government.
Submissions close on 18 January 2021. Further information and the e-invoicing consultation paper can be found on the Treasury website.