Wednesday 7th October, 2020
As part of the country’s Digital Business Plan, the Australian government has announced that all Commonwealth Government agencies are mandated to adopt electronic invoicing by 1st July 2022.
The digital business plan includes $3.6 million towards mandating the adoption of electronic invoicing to the deadline.
The Australian government will also consult on options for mandatory adoption of e-invoicing by businesses.
With over 1.2 billion invoices exchanged in Australia annually, savings to its economy are estimated to be $28 billion over 10 years, the Government said.
Many government agencies have already started using e-invoicing. In January, Australian Commonwealth Government agencies who were capable of receiving e-invoices began paying eligible e-invoices within five days to avoid paying interest on any late payments.