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Less than 1% of Australian businesses signed up for the eInvoicing scheme in the two years since its launch, with the Australian Taxation Office (ATO) now considering ways to boost adoption of a system designed to save time and reduce fraud risks for small businesses.
Introduced in December 2020, eInvoicing is a digital system allowing businesses to send and receive invoices through their accounting software, eliminating the need for physical documents, scanned papers, or PDFs.
Treasury adopted the Pan-European Public Procurement Online (Peppol) framework to run the system, which it claims can slash the time and cost of producing invoices while reducing the risk of business payment systems being compromised for invoicing scams.
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