INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Where a loss incurred by the taxpayer through embezzlement, larceny, defalcation or misappropriation by a person, including an agent, employed by the taxpayer, not being a person employed solely for private or domestic purposes, of, or in respect of, money that is or has been included in the assessable income of the taxpayer is ascertained in the year of income, that loss shall be an allowable deduction.71(2) [No application 1997/98 income year onwards]
This section does not apply to a loss ascertained in the 1997-98 year of income or a later year of income.
Section 25-45 (Loss by theft etc.) of the Income Tax Assessment Act 1997 deals with the deductibility of losses caused by theft.
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