The Australian and New Zealand Governments are seeking comment on how electronic invoicing (e-Invoicing) arrangements can be best managed in both countries by releasing a public consultation paper today.
E-Invoicing helps businesses save time and money by allowing the direct exchange of invoices between suppliers' and buyers' financial systems. This consultation paper will use public views to help establish an independent, fair and equitable governance structure for the day-to-day operation of e-Invoicing in Australia and New Zealand. Operational governance will include the ongoing management of the trans-Tasman e-Invoicing Interoperability Framework, and work to continue to drive adoption of e-Invoicing.
"E-Invoicing is an important tool to modernise the way we do business, and increase efficiency and productivity. We have a clear opportunity to realise the benefits of going digital, and that's why we are committed to supporting this initiative," Assistant Treasurer the Hon Stuart Robert MP said.
This consultation is the latest step in the Australian and New Zealand Governments' commitment to progress e-Invoicing as part of the Single Economic Market agenda, which aims to create a seamless Trans-Tasman business environment.
Deloitte Access Economics estimates that Australian businesses issue approximately 1.2 billion invoices annually, and that e-Invoicing could result in economy-wide benefits of up to $28 billion over ten years.
The Trans-Tasman e-Invoicing Interoperability Framework is currently being developed, and will set out the policies, standards, guidelines and infrastructure necessary for e-Invoicing implementation in both countries. It builds on the framework previously developed by the Digital Business Council in Australia.
Stakeholders are invited to view the consultation paper and lodge submissions via the Treasury website by 16 November 2018.