Doing an assingment and i cant find the proper tax rulings for the question!
You deposit 75000 euros into a french 3 year term deposit, and interest is paid monthly in arrears of 8% per annum, and the bank deducts tax at a flat rate of 20% before depositing the interest into the french bank account.
Do you get some sort of foreign tax credit on the 20%? or do you not have to pay tax on it becuase it is not an Australian income source?
Help would be greatly appreciated!