The Australian Tax Office will ramp up awareness on the push for eInvoicing next month.
The ATO’s eInvoicing Week 2022 runs from 15 to 21 August 2022 “to raise awareness of this new way to send and receive invoices.”
Businesses can to find out about eInvoicing, its benefits hearing from:
- software providers
- industry and professional associations
- government agencies.
The Government made e-Invoicing mandatory for government agencies from July 1 2022 this year and is spending $15.3 million to increase awareness of the value of e-Invoicing.
The ATO estimates Australian businesses exchange over 1.2 billion invoices each year, but around 90 per cent are labour-based. e-Invoicing can save both businesses up to $20 in cost savings per invoice, improves payment times for businesses, particularly SMEs, the ATO says.
Last year, the Government introduced The Payment Times Reporting Scheme, placing requirements on enterprises to disclose payment information and allow smaller business to track payment performance.
eInvocing Week activities
- stories of early adopters that are already using eInvoicing and reaping the benefits
- demonstrations by software providers
- a variety of information sessions
The ATO has adopted the globally recognised standard for sending eInvoices and e-orders, known as Peppol (Pan-European Public Procurement OnLine).
On Tuesday 16 August, Digital Service Providers Australia New Zealand (DSPANZ) will present on Peppol and those currently operating in the Australian and New Zealand market.
All things blockchain and eInvoicing are being discussed on 19 August, in a presentation by Digital Playhouse and Mark Stockwell, Senior Director of eInvoicing at the ATO.
In the session, accountants and small business owners will learn about the benefits and methods of implementing eInvoicing, the ATO’s role in the Australian eInvoicing landscape, and exploration of blockchain-based eInvoicing systems