Tracey who is single, earns $68,000 per year and had $14,000 worth of medical expenses in this current taxation year. She was reimbursed by Medicare for $7,000 and received a refund of $4,000 from Medibank Private. Tracey has claimed the rebate for the last three years. 

 

1. In your interpretation of the relevant legislation, how much was her medical expenses rebate? 
2. Why is it important that her tax is submitted within the timelines of the ATO?
3. Tracey received an employee share schemes this year which she is excited about as she believes her company has a good future. Tracey wants to know whether this means she has extra obligations for her tax return this year. Tracey works for BBB organisation as a full time employee and received 7,000 BBB shares for $50 each when they were worth $70 on the market. Tracey earns a total of $70,000 and does not have any additional superannuation outside the statutory guarantee amount she receives nor does she have any fringe benefit payments. Tracey wants to know if she will be eligible for an exemption.