Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 25 - Some amounts you can deduct  

Operative provisions  

SECTION 25-45  

25-45   Loss by theft etc.  

You can deduct a loss in respect of money if:

(a) you discover the loss in the income year; and

(b) the loss was caused by theft, stealing, embezzlement, larceny, defalcation or misappropriation by your employee or ^* agent (other than an individual you employ solely for private purposes); and

(c) the money was included in your assessable income for the income year, or for an earlier income year.

Note:

If you receive an amount as recoupment of the loss, the amount may be included in your assessable income: see Subdivision 20-A .