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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    View history reference

Operative provisions  

SECTION 25-45  

25-45  Loss by theft etc.  

 View history reference ITAA 36
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.


 



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