Did you know? ... which ATO deadline is approaching?

Time to read : 2 Minutes

Did you know...? is Expert Analysis's quick must-know fact for Australian households.

Think of it as an espresso hit of personal finance news.

Today's Did you know...? is for people who have their own business.

Here's what you need to know:

Going deeper:

• The deadline was meant to be today, November 30, but the Taxation Commissioner Chris Jordan has extended it by two weeks to December 14.

• Over 1.8 million directors have registered so far, with 78,000 applying on November 28 alone.

• This means that there are currently 700,000 applications outstanding.

• The new Director ID is a unique 15-digit identifier which will help protect the larger community against fraud and scams.

• There will be penalties for late submissions, but the Commissioner says that they will take a 'reasonable approach to support people to apply.'

The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. You should check with a financial professional before making any decisions.