Newsletter
November 2018 Newsletter
E-Invoicing won't be compulsory for all businesses
After the ATO’s webcasting, tax agents were asking about the move with invoicing and whether e-Invoices would become compulsory. Despite the government moving forward with the times, an ATO Director made the remark that e-Invoicing will not be compulsory until further notice.
Officials have stated that many small businesses will see the benefits involved with adapting the e-Invoicing way of business. This change will be adapted a lot quicker knowing that almost all accounting firms have accepted new technologies to speed up the process of payments and lodgements.
Earlier in the year, Deloitte mentioned that e-Invoicing could produce $28 billion worth of benefits for the economy in the next 10- years. This will result in a decrease in waiting periods for invoices to be paid – through e-Invoicing, we can reduce the payment time from 60, 90 and 120 days down to just a few days.
Source – Read the full article at My Business: https://www.mybusiness.com.au/technology/5157-e-invoicing-won-t-be-compulsory-for-all-businesses