You still have time to get a tax deduction for digital invoicing!
March 06 2023
In the 2022 budget, the Australian government announced several measures to support the adoption of e-invoicing, including:
- Providing $15.3 million over four years to support the rollout of the Peppol e-invoicing framework.
- Offering a tax deduction for businesses that incur expenses related to the adoption of e-invoicing, such as the cost of implementing e-invoicing software or training staff to use e-invoicing platforms.
Any small business with a turnover of under $50m, that spends on new technologies and training courses to upskill staff, is able to claim 120% of the costs as deduction. Read more on the ATO website.
How bzTrack can help
bzTrack allows businesses to send and receive invoices digitally from a centralised platform — which can save time and money.
Plus, using a service like bzTrack can help businesses claim input tax credits (ITCs) more quickly and accurately. ITCs are the credits a business can claim for any GST it has paid on purchases used in its business. When you send invoices digitally you can claim ITCs more quickly and accurately! — Improving cash flow and reducing the risk of errors or omissions in claiming ITCs.
Digital invoicing can help businesses meet their tax compliance requirements more efficiently. The Australian Taxation Office (ATO) requires businesses to keep accurate records of their transactions, including invoices. Using a platform like bzTrack can help your business keep accurate records all from the one platform. No more searching for paper invoices when it comes to the End of Financial Year.
bzTrack also works alongside Xero — once you’ve connected the two, any invoices you have uploaded via bzTrack will appear in real-time in your Xero account and vice versa. Meaning if you’re a business with a sales or ops team who are out on a job and invoicing ‘on-the-go’, they can invoice from their phone using bzTrack’s simple mobile-friendly dashboard, and the invoice will appear in your Xero accound ready to be reconciled. No more mistakes from manually adding invoice details from any paper invoices they might be issuing.
Take a look at how bzTrack can help your business and take advantage of the tax deductions that are available before June!