In recent years, Australian organisations have seen major reporting reforms required by the Government. SuperStream came into effect in 2016, and this year, Single Touch Payroll (STP) became mandatory in July. If you’ve experienced these changes, you’ll notice how big of a role technology has played. This is how Government, and many businesses alike, see the future.
The Australian Government recently announced that they’ll be moving forward with eInvoicing, through which electronic invoices can be exchanged directly between software of trading partners. And MAAS and MATS will be mandatory for Superannuation funds from the 1st of October 2018 and the 1st of April 2019 respectively. It’s likely that other changes are on the horizon.
These are all part of the Government’s digital transformation project to streamline B2G reporting and gain near-real-time visibility. It allows departments to have access to the same up-to-date information as businesses, their employees and super funds. Under these reporting initiatives, employers are required to report information in a standardised electronic format.
By selecting a long-term partner in the beginning, you’ll have a solution that will future-proof your business. Often these solutions are flexible for easy integration and they comply with industry-wide framework to adapt to any new changes.
Having a flexible solution means that when time comes for a change, you won’t need to go through the whole process of sourcing for a new provider and establishing a new gateway. Instead, use that time to focus on your business.
Solutions like MessageXchange allow you to comply with Government legislation like SuperStream, STP and eInvoicing, as well as other needs like EDI.
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