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A comment on Australia’s new real-time banking payments platform. Parent comment

Re:Australia’s new real-time banking payments platform by theBobBob on Tuesday February 13, 2018 @04:16AM (#16365771)
I do it all the time. Split a bill in a restaurant, repay someone for tickets that they bought for me, getting my flatmates to pay their share of the electric bill, paying a flatmate back for stuff that they picked up in the shops for me, loan someone money, get a loan to someone repaid, settling up after losing some money at poker. That's all within the last few weeks.
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Re:Australia’s new real-time banking payments platform by kevin_thibedeau on Tuesday February 13, 2018 @04:32AM (#16365865)
Too much of that and it becomes taxable "income" in less advanced Democracies.
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Re:Australia’s new real-time banking payments platform by theBobBob on Tuesday February 13, 2018 @04:38AM (#16365883)
Really? Most of them were just various ways of splitting or repaying bills. The loan I will admit might be in a somewhat legally grey area.
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Re:Australia’s new real-time banking payments platform by jermaustin1 on Tuesday February 13, 2018 @07:04AM (#16366482)
Traditionally only if you are charging an interest rate. There are a few rules in the US around lending money to non-family and expecting it to be paid back.

IANAL, but I lend a lot of money, and this is what I've been told:

If you give without the expectation it is typically just cash swapping hands in both directions. If you give money to a non family member and expect payments (with or without interest) OR to a family member and expect more than a rate that is defined at the IRS (<1%, IIRC), then the income is taxable. How they tax you on a no-interest loan to a non-family member, I have no idea.

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Re:Australia’s new real-time banking payments platform by aianus on Tuesday February 13, 2018 @08:03AM (#16366793)
A no-interest loan to a non-family member is taxed as income to the borrower. They impute an interest rate and say that amount is income since a free loan has a value. I'm not sure what exactly the rate they impute is or how large the loan has to be before they do this.
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Re:Australia’s new real-time banking payments platform by jermaustin1 on Tuesday February 13, 2018 @09:01AM (#16367121)
Ah, that is very similar to if the company you work for loans you money. I'm assuming the rate is probably the same as the max interest rate for a family loan.
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