First-time home buyer looking for a home for you, your partner and your children? Here are 4 key considerations for families and 3 useful tips on budgeting for a family home in Singapore.
2021
CapitaLand has also extended the grace period for parking at its malls.
The many stories we hear, both in the news and from our friends, about renovation scheme scams and less than scrupulous renovation contractors makes us wary of even those who do an honest business.
The post Renovation scheme scam – don’t fall victim unscrupulous contractors appeared first on iCompareLoan.
The price works out to a record $4,291 per sq ft (psf) based on the site’s 14,843 sq ft land area – breaking the previous high set by a Nassim Road bungalow, which was sold for $4,005 psf in March this year.
The Association of Banks in Singapore (ABS) gave SORA usage a bump-up by announcing the timeline for cessation of SOR derivatives and SIBOR-linked products.
The post SOR derivatives and SIBOR-linked financial products will not be offered after September this year appeared first on iCompareLoan.
For sale is a 5,209 sq ft strata office floor by way of an auction with an opening price of $10 million.
The post Strata office floor at GB Building being auctioned for $10m appeared first on iCompareLoan.
Knight Frank Singapore announced recently that it is offering a freehold retail podium of 8 adjoining ground floor shops in District 14 for sale via Expression of Interest (EOI).
The post Freehold retail podium of 8 adjoining ground floor shops for sale for $26 million appeared first on iCompareLoan.
Want to buy a second property, but don’t fancy the thought of forking out tens of thousands of dollars for your Additional Buyer’s Stamp Duty (ABSD)? Some property consumers have been known to consider an alternative: decoupling. This involves one spouse giving up their co-owner status, and becoming an “authorised occupier”. Here’s how it works:...
The post Decoupling to avoid ABSD? Yay or nay? appeared first on 99.co.
Singaporeans like to complain about everything under the sun, be it the weather, MRT breakdowns, or cost of living. But when it comes to the GST Voucher, no one will complain because it’s ‘free money’!
Don’t know a great deal about the GST Voucher, or want to know how much you’re eligible for? Well, this article is for you.
What Is The GST Voucher?
The GST voucher scheme was introduced by the government in Budget 2012 to help lower- and middle-income households offset their GST expenses each year.
There are three main components of the GST voucher in 2021:
- GST Voucher — Cash: Cash voucher in June and August 2021;
- GST Voucher — MediSave: MediSave top-up in August 2021, and;
- GST Voucher — U-Save: Utilities rebates in April, July, October 2021; and Jan 2022
Additionally in 2021, the government has pledged further support for eligible HDB households to help soften the blow for what has been a challenging past year.
As part of the Household Support Package announced in Budget 2021, those who are eligible for the GST voucher — Cash will receive a Cash Special Payment of $200 in June 2021, in addition to the regular GST cash voucher.
On top of that, eligible HDB households will also receive 50% more of regular U-Save rebates to help offset their utility bills in the form of the U-Save Special Payment.
Who is Eligible for the GST Voucher?
At this point, you may be wondering: what does this GST voucher have to do with property? Well, to determine how much you can receive or if you’re even eligible, the Government takes into consideration your income as well as your property ownership.
The GST Voucher — Cash
The GST Voucher — Cash is provided to lower-income Singaporean households living in HDB flats or lower-value private properties. As the name suggests, the voucher will be provided in cash, and will be credited via PayNow to your account that’s linked to your NRIC.
If you don’t have PayNow, the amount will be credited to your DBS/POSB, OCBC or UOB savings/current bank account instead. Don’t have a registered bank account with any of these banks? Well, don’t worry because a cheque will be sent to your mailbox instead.
Anyway, here are criteria that you need to meet:
- You’re a Singapore citizen residing in Singapore
- You must be aged 21 or above in 2021
- Your Assessable Income (AI) in 2020 is not more than $28,000
- The Annual Value (AV) of your home (as indicated on your NRIC) as at 31 December 2020 must not exceed $21,000
- You must not own more than one property
You’ll be notified in June this year if you’re eligible, but if you want to check it on your own, you may log in to the GST Voucher website after 1 June. If you’ve never registered before, you can sign up on the GST Voucher website between 1 June 2021 and April 2022.
GST Voucher — MediSave
Meanwhile, The GST Voucher — MediSave is provided to eligible senior Singaporean households, and the voucher will be credited to your CPF MediSave account in August.
If you’ve not registered for previous Government payouts, you can sign up for an account from 1 June onwards (until April 2022), and you’ll also be notified in the same month if you’re eligible.
To be eligible for the MediSave GST voucher, you need to meet these criteria:
- You’re a Singapore citizen residing in Singapore
- You must be 65 years old and above in 2021
- The AV of your home (as indicated on your NRIC) as at 31 December 2020 must not exceed $21,000
- You must not own more than one property
GST Voucher — U-Save
Last but not least, The GST Voucher — U-Save is a rebate that helps to offset your household’s utility expenses. Eligible HDB households will receive the rebates in their HDB flat’s utilities account.
Here are the eligibility conditions for U-Save rebates:
- If you own and live in your HDB flat, there must be at least one Singapore citizen owner or occupier in the flat
- If you partially rent out the HDB flat that you own and live in, there must be at least one Singapore citizen owner or occupier in the flat
- If you rent out your flat, there must be at least one Singapore citizen tenant
- Immediate family members living in the same flat must not own or have any interest in more than one property.
How Much Can I Get From the GST Voucher in 2021?
The GST Voucher — Cash
The GST cash amount that you’ll get depends on your property’s Annual Value (AV).
As explained above, the voucher will be disbursed twice a year – in June and August. Also as mentioned, those who are eligible will also receive an additional $200 via the GST Voucher – Cash Special Payment this year.
Here’s how much you can get:
|
Annual Value of your property as at 31 December 2020 |
Up to $13,000 |
$13,001 to $21,000 |
|
GST Voucher – Cash Special Payment (June 2021) |
$200 |
$200 |
|
GST Voucher – Cash (June and August 2021) |
$300 |
$150 |
|
Total GST Voucher – Cash |
$500 |
$350 |
In summary, you will receive $500 if your property’s annual value is $13,000 or less, and $350 if your property’s annual value is $13,001 to $21,000.
Don’t know your property’s annual value? Learn and find out about it here.
The GST Voucher — MediSave
The amount of MediSave top-up you’ll receive depends on your age and the annual value of your home (as at 31 December 2020).
|
Age in 2021 |
Annual value of your property as at 31 December 2020 |
|
|
Up to $13,000 |
$13,000 to $21,000 |
|
|
65 to 74 |
$250 |
$150 |
|
75 to 84 |
$350 |
$250 |
|
84 and above |
$450 |
$350 |
The GST Voucher – MediSave, which will be credited to your CPF MediSave Account, can be used to pay for your own or your immediate family members’ hospitalisation expenses, regardless of their nationalities. These include day surgeries and outpatient treatments listed on the CPF website.
The GST Voucher — U-Save
About 950,000 HDB households will benefit from the U-Save rebates in 2021. And if you’re one of them, well lucky you because the rebates will be automatically credited to your utilities account in April 2021, July 2021, October 2021; and Jan 2022.
On top of that, eligible households will further receive 50% more U-Save rebates in April and July 2021 as part of the U-Save Special Payment.
Yup, if you aren’t blur like ‘sotong’, you would have realised that you should have already received the first round of rebates in April.
The amount of U-Save rebates you can get depends on your flat type:
|
HDB flat type |
Regular U-Save rebate (paid in Jan, April, July, and October) |
U-Save Special Payment (paid in Jan, April, July, and October) |
Total U-Save rebates in 2021 |
|
1- and 2-room |
$395 |
$200 |
$595 |
|
3-room |
$355 |
$180 |
$535 |
|
4-room |
$315 |
$160 |
$475 |
|
5-room |
$275 |
$140 |
$415 |
|
Executive/Multi-Generation |
$235 |
$120 |
$355 |
If there are any unused U-Save rebates, they will be rolled over to help offset your household’s utilities bills for the following months. There’s also no expiry date, and will lapse when your household’s utilities account is closed.
More FAQs About GST Voucher:
Who is Eligible For GST Voucher?
The GST Voucher is available for lower- and middle-income Singaporean households. To be eligible for the cash voucher, you must be 21 years and above, your annual income cannot exceed $28,000 and the annual value of your property is not more than $21,000.
How Much GST Voucher Can I Get?
Depending on the annual value of your property, you can receive up to $500 GST cash voucher.
Which Months Will GST Vouchers Be Handled Out?
The GST Voucher – Cash is credited to your account in June and August 2021, GST Voucher – MediSave in August 2021, and the U-Save Rebates in April 2021, July 2021, October 2021; and Jan 2022.
Is There Any GST Voucher in 2021?
Yes, in addition to regular cash, MediSave, and U-Save vouchers, eligible households will also receive a Cash Special Payment of $200 in June 2021, 50% more of regular U-Save rebates in 2021.
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