Australia and New Zealand work on e-invoicing standard

Monday 22 October 2018 10:27 CET | News

The Australian Taxation Office has instituted a look-up facility for businesses in Australia and New Zealand, to establish an e-invoicing standard.

The two nations are hoping to save USD 30 billion over 10 years by driving the adoption of e-invoicing by governments and businesses to achieve more streamlined payments. Digital invoices have been on the table for several years, with the federal government announcing plans to invest in e-invoicing approaches in the 2016 federal budget.

A Treasury discussion paper released this week outlines possible structures for Australia and New Zealand to establish a cross-Tasman body to oversee digital invoices across both countries. The most common ways smaller operators currently send invoices is by paper, email or PDFs. The Treasury paper has supported adopting an industry-led, not-for-profit body to oversee e-invoicing across Australia and New Zealand.

This organisation would include a board of directors appointed by industry groups and governments across the two nations to help drive the adoption of digital invoicing. Both federal governments have been progressively introducing e-invoices across their departments this year.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Australia, New Zealand, e-invoicing, e-invoicing standard, treasury, digital invoices, The Australian Taxation Office
Countries: World