Electronic Invoicing Bill Passes Australian Parliament
Today the Australian Parliament passed the long-awaited Treasury Laws Amendment Bill (2019) in a move that paves the way for more efficient business accounting and invoicing in Australia. The Bill endorses the Australian Tax Office in its development and administration of an electronic invoicing system for Australian and foreign businesses.
It has been known for some time that both the ATO and NZTO have been working to adopt the Pan-European Public Procurement Online interoperability framework, the standards set to become the benchmark for electronic invoicing systems.
The Pan-European Public Procurement Online (PEPPOL) standard is a set of technical specifications allowing existing eProcurement solutions and eBusiness exchange services to communicate and become interoperable. PEPPOL enables trading partners to exchange standards-based electronic documents over the PEPPOL network,decreasing operations costs and improving business efficiency.
With its adoption, the ATO is expected to make marginal modifications to the standards to suit Australian business needs and regulatory condition, specifically addressing cybersecurity and information security requirements.