What the swagman carries off? (4)
I believe the answer is:
loot
'swagman carries off?' is the definition.
I can't judge whether this definition defines the answer.
'what the' is the wordplay.
'what' becomes 'loo' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'the' becomes 't' (the is pronounced as a 't' sound in some dialects).
'loo'+'t'='LOOT'
Can you help me to learn more?
(Other definitions for loot that I've seen before include "Plunder, pillage" , "Tool for plundering" , "Pillage; money" , "Swag, booty" , "Stolen goods" .)