Let's face it. One of the few things that most of us care about during the budget is whether or not the Government will be handing out GST Voucher, and if so, how much will we be getting. Thankfully, the budget did not disappoint us in that aspect.
It is probably the reason why the April's Fool joke was triggered on WhatsApp, luring people to click on a fake GST Voucher link. People just wanted to find out how much they are going to get.
If you are still wondering how much you are getting this year, then continue reading on.
GST Voucher - Cash
How much GST Voucher you are getting depends mainly on where your current home is and your assessable income in 2015. You need to meet both the following criteria:
(1) Assessable Income ≤ $26,000
Your assessable income for 2015 needs to be no more than $26,000. Assessable income refers to your total income after deducting the allowable expenses and approved donations.
All the more reasons to check on your personal tax filing for 2015 before the deadline passes.
(2) Annual Value Of Home ≤ $21,000
If you do not already know, all homes in Singapore have an assigned annual value.
If your home annual value is $13,000 or less, you would be entitled to $500 of GST Voucher. If it's between $13,001 and $21,000, you will receive $250 GST Voucher. That is provided you meet condition (1), which is your assessable income.
If you are keen to check on your home annual value, here is the login link to IRAS.
Owners Of Multiple Properties
If you are an owner of multiple properties, you are automatically excluded from the GST Voucher. We are pretty sure you already know it by heart but we thought we should mention it as a reminder for those who are unaware about this.
Also, you must be a Singapore citizen who is residing in Singapore, and at least of age 21 and above in 2016 to qualify for the GST Voucher.
GST Voucher - Medisave Top Up For The Elderly
Those who are aged 65 and above will also enjoy a top up to their Medisave account. The criteria are largely similar to the GST Voucher, except for the criteria on the assessable income.
GST Voucher - U-Save
HDB households will also receive utility rebates for 2016 to offset their utility bills. This amount is calculated in a straightforward manner - size of home.
In addition to the U-Save voucher, HDB Households will also receive S&CC rebates as well. This ranges from 3 months (1 & 2-room flat) to 1 month (for Executive/ Multi-Generation flat)
The GST Vouchers is a permanent transfer scheme meant to help lower and middle-income Singaporean households to deal with the cost of living in Singapore.
As long as our country's budget remains healthy, it appears that these annual incentives are likely to continue.
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DollarsAndSense.sg is a website that provides bite-sized and relevant articles to help Singaporeans make better financial decisions.