Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 25.45

    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.