This funding will primarily target small businesses, as it is part of the “Helping small businesses” initiative in the budget. It reinforces the government’s commitment to providing better support for small businesses, with a total allocation of $641.4 million.
Coincidentally, this follows a media release from the Australian Federal Police and the Australian Taxation Office (ATO) about a suspected criminal operation accused of laundering $1 billion through false invoicing schemes.
E-invoicing is undoubtedly one of the best methods to combat such fraud, and the ATO plans to utilize this 2024-2025 budget to further promote e-invoicing among Australian businesses, as stated by Mark Stockwell, Director of E-invoicing at the ATO, in a LinkedIn post.
Companies interested in learning more about e-invoicing in Australia are encouraged to attend one of the many ATO webinars dedicated to the topic.
