Income Tax Assessment Act 1997
View history note
Hide history noteYou 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 .
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