The repurchase rate (repo rate) has increased from 8.25% to 8.00% on 20 September 2024. As of October 2024, the ‘low or interest-free loan/debt’ fringe benefit should be calculated by using the new ‘official interest rate’.
The ‘official interest rate’ as defined in section 1 of the Income Tax Act:
= repo rate + 1%
= 8.00% + 1%
= 9.00%
Note: Please review all reports and calculations that use this rate in the applicable month.
Sage Community Team