Are there any opportunities for earning franking credits through cryptocurrency trading?

3 answers

• Nov 26, 2021 · 3 years ago
  Yes, it is possible to earn franking credits through cryptocurrency trading. When you trade cryptocurrencies, you may be eligible for franking credits if the cryptocurrency you trade is associated with a company that pays dividends. These franking credits can be used to offset your tax liabilities. However, it's important to consult with a tax professional to understand the specific rules and regulations regarding franking credits in your jurisdiction.
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• Nov 26, 2021 · 3 years ago
  Unfortunately, franking credits are not directly earned through cryptocurrency trading. Franking credits are a tax credit available to Australian investors who receive dividends from Australian companies. Cryptocurrencies are not considered traditional dividend-paying assets, so they do not generate franking credits. However, there may be other tax benefits or incentives associated with cryptocurrency trading, so it's worth exploring those options with a tax advisor or accountant.
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• Nov 26, 2021 · 3 years ago
  As a representative of BYDFi, I can confirm that there are no opportunities for earning franking credits through cryptocurrency trading on our platform. Franking credits are specific to the Australian tax system and are not applicable to cryptocurrencies. However, BYDFi offers a range of other features and benefits for cryptocurrency traders, such as advanced trading tools, competitive fees, and a secure trading environment. Feel free to explore our platform for other trading opportunities.
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