Issue 2 : Amounts misappropriated by employee or agent
The Tax Laws Amendment (2008 Measures No 2) Bill 2008 is also making amendments that will allow taxpayers to:
- claim a deduction in relation to an amount misappropriated by an employee or agent following the disposal of an asset that has been dealt with under the uniform capital allowance provisions;
- recognise the misappropriation under the CGT provisions; or
- both claim a deduction and recognise the misappropriation as discussed above (depending on whether the use of the asset was for taxable purposes or not).
These amendments are to apply to amounts misappropriated in the 2007-08 and later income years.
Disclaimer
The material contained in this publication is of a general nature and is not advice. No representation or warranty is made as to its correctness. Readers must obtain their own professional advice before making any decisions as to their own or their clients’ affairs.
