How Much GST Vouchers Will You Get in 2019?

| 31 Jul 2019

Christmas has yet to come, but rejoice as it is yet another season of giving for Singaporeans! The month of Singapore’s National Day just got a little bit sweeter with GST Vouchers.

The Singapore Government will be giving out GST Vouchers in commemoration of Singapore’s Bicentennial. The GST vouchers will help lower-income households with some of their expenses. 

Remember our summary of Singapore Budget 2019? Check it out for a quick recap on what Finance Minister Heng Swee Keat delivered earlier this year! 

Here’s a summary of the key pointers every Singaporean needs to take note of.

To be eligible for the GST Vouchers, the following criteria have to be met: 

  1. You must be a Singaporean citizen residing in Singapore.
  2. You must be aged 21 or above in 2019.
  3. Your Income Earned in 2017 as assessed by IRAS (Assessable Income for the Year of Assessment 2018) must not exceed $28,000.
  4. The Annual Value (AV) of your home (the home address on your NRIC) as of 31 December 2018 must not exceed $21,000.
  5. You must not own more than one property.

How to calculate your Annual Value (AV)?

Annual_Value_Endowment_Plan_Singapore

 

Source: SG Money Matters

Don’t let this term stump you. The AV of your property can be tabulated using IRAS e-Service “View Property Portfolio“. The FAQs will resolve most of your doubts and if not, clarify your concerns with the live chat feature on IRAS.

To verify your eligibility for the 2019 GST Voucher, log in to My 2019 GST Voucher from 1 July 2019.

GST Vouchers in 2019 – Cash (Bicentennial Payment)

Fulfilled all these criteria, but unsure of how much GST Vouchers you will receive in 2019? Read on to find out.

Source: GST Voucher – Cash

 

You can receive $600 if the Annual Value of Home is under $13,000, as of 31 December 2018. On the other hand, you can only receive $300 if the Annual Value of Home exceeds $13,000 and is below $21,000.

Here’s how you can receive your GST Vouchers:

  1. Have the GST Vouchers credited to your DBS, POSB, OCBC or UOB savings/current bank account, or 
  2. Receive the GST Vouchers via a physical cheque

However, payment by cheque usually requires up to 15 working days longer than direct crediting to a bank account. Thus, it is advisable to opt for the direct crediting option to receive your GST Vouchers as soon as possible!

A Timeline of GST Vouchers and Medisave Top-Ups

If you wish to find out more about the upcoming perks in the next couple of months, this handy infographic would be very useful for you!

Source: Channel NewsAsia

 

For more FAQs, refer here to learn how much you can benefit from GST Vouchers and how you can apply to be eligible for the GST Vouchers for the subsequent years.

PolicyPal hereby wishes all Singaporeans and expats a Happy National Day!

Have any burning questions about insurance or looking for some useful insurance tips? Learn, ask and share with PolicyPal Insurance Community today!



You may be interested in...


Leave a Reply

Your e-mail address will not be published. Required fields are marked *