The Morrison Government’s Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Bill was introduced to parliament today. One of the Bill’s amendments should see small business owners saving time and money.
The Bill provides for legislative powers and functions to be given to the ATO that allow it to implement an electronic invoicing (e-Invoicing) framework in Australia. Australian businesses currently process around 1.3 billion invoices annually. Deloitte Access Economics estimates that e-Invoicing could result in economy-wide benefits of up to $28 billion over the next ten years.
The Bill also provides safeguards for the nation’s workers by closing loopholes that have been used by some unscrupulous operators to short-change employees who have salary sacrificed contributions to their superannuation.
The Bill has been welcomed by small business advocates. MYOB CEO Tim Reed says the Bill reflects the views of many Aussie business owners.
“It will help small businesses save time and money so that they can focus on building a successful business that will strengthen the economy
“Our recent business monitor research that surveyed over 1000 small business owners from across Australia found that 54% of small business owners believe the introduction of e-Invoicing should be mandatory for all governments and businesses.
“The research also found that streamlining government processes and cutting red tape is in the top four things small businesses want to see from the government,” Reed concluded.