Organization : Government of Singapore
Service Name : 2015 GST Voucher Sign Up
Country: Singapore
Sign Up Deadline : 31 December 2015
Website : https://www.gstvoucher.gov.sg/
GST Voucher Sign Up :
The GST Voucher is meant to help lower- and middle-income households with their expenses, in particular, what they pay in GST. The GST Voucher will be given in three components – Cash, Medisave and U-Save.
Related : Inland Revenue Authority of Singapore Wage Credit Scheme : www.statusin.org/24496.html
On average, the GST Voucher will help lower-income families offset about half of the GST they pay each year. Retiree couples living in smaller flats can expect to receive a GST Voucher that will more than fully offset their yearly GST expenses. Middle-income families can also expect to receive a GST Voucher that will partially offset their GST expenses.
How long will the GST Voucher scheme last and how much does it cost the Government?:
The GST Voucher is a permanent scheme, with benefits given out yearly. This is to give lower-and middle-income Singaporeans the assurance of a fair system of taxes and benefits in Singapore. The GST Voucher Scheme is expected to cost the Government $715 million in Financial Year 2015.
To facilitate this permanent scheme, the Government established a GST Voucher Fund in 2012 from which payouts are made. The Fund provides certainty of payments, irrespective of economic circumstances.
The Government intends to make appropriate injections into the Fund to carry on financing this permanent GST Voucher Scheme.
I pay GST in cash. Why is the GST Voucher not given to me fully in cash to help with the GST that I pay?:
The GST Voucher is meant to support living expenses for both immediate and longer-term needs. It has three parts – Cash, Medisave and U-Save. The Cash and U-Save rebate help to offset some immediate cash outlays. The Medisave top-up will help the majority of elderly Singaporeans with their medical expenses.
Who is eligible for the GST Voucher?:
Depending on the Annual Value of your home, Assessable Income, age and the number of properties you own, you may be eligible to receive a GST Voucher. See details on eligibility for each component here ?– ?Cash, Medisave and U-Save.
How will I know if I qualify for the GST Voucher?:
Letters will be sent out in July each year to eligible Singaporeans to inform them of the amount that they will get.
Do I need to sign up for the GST Voucher?:
Most Singaporeans do not need to sign up for their GST Voucher.
Only Singaporeans who have not previously signed up for a Government payout (e.g. the 2014 GST Voucher, Growth Dividend or GST Credits) will need to sign up for their 2015 GST Voucher – Cash and/or Medisave.
You can sign up in one of the following ways:
(i) Online at the GST Voucher website (www.gstvoucher.gov.sg); or
(ii) Hardcopy sign-up forms (can be picked up from CPF Service Centres, Community Centres/Clubs and Community Development Councils).
Sign-up for the 2015 GST Voucher begins on 1 July 2015. The deadline to sign up is 31 December 2015. No sign-up is required for GST Voucher – U-Save.?
What is the Annual Value (AV)?:
The AV is the estimated annual rent a property can fetch if it were to be rented out. It is used to calculate the property tax of your home. The AV can be found on the property tax bill that the property owner receives each year.
To check the AV of your home, please log in to myTax Portal using your SingPass/IRAS PIN > Messages > Correspondence & Notices > Property Tax > Letters/Notices.
Why is AV used instead of flat-type?:
The AV of a property provides an indication of the value (or worth) of a property and serves as a proxy for an individual’s wealth.
If I own several properties, which AV will be used?:
Singaporeans who own two or more properties will not be eligible for the GST Voucher.
How much will I get if I stay in a rented property?:
The GST Voucher you get depends on the AV of your rented place of residence as stated on your NRIC as at 31 December 2014.
Why is the Annual Value threshold set at $21,000?:
The Annual Value threshold of $21,000 covers all HDB flats and some lower-value private properties, as the GST Voucher targets those who are less well-off. The threshold is regularly reviewed to ensure that it continues to maintain similar coverage.