News for hackers. Stuff that matters.

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

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.
[ Parent | on HN ]
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.
[ Parent | on HN ]