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GST Voucher 2018 And U-Save – How Much More Will You Get In 2018?

GST Voucher 2018

Peter Lin

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The GST Voucher is something that many Singaporeans look out for every year. But many Singaporeans don’t really know how much they’ll get in the annual Government payout and when the GST Voucher payout date is each year.

We answer the most frequently asked questions below:

Contents:

  1. Do I qualify for GST Voucher 2018?
  2. What is the Annual Value of my property?
  3. How do I check if I qualify for GST Voucher 2018?
  4. How much will I get from GST Voucher 2018?
  5. When is the GST Voucher 2018 payout date?
  6. Other than GST Voucher – Cash, what else can I get?
  7. Do I qualify for GST Voucher – Medisave in 2018?
  8. How much do I get from the GST Voucher – Medisave payout in 2018?
  9. Do I qualify for GST Voucher – U-Save in 2018?
  10. How much U-Save rebates will I get?
  11. When is the last year for GST Voucher?

 

1. Do I qualify for GST Voucher 2018?

There are 5 main criteria to meet before you are eligible for GST Voucher – Cash in 2018.

How to qualify for GST Voucher 2018

  1. You are a Singapore Citizen, residing in Singapore
  2. You are aged 21 years old and above in 2018
  3. You earned $28,000 or less in 2016
  4. Your home (as indicated on your NRIC) as at 31 December 2017 must not exceed $21,000 in Annual Value
  5. You must not own more than one property

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2. What is the Annual Value of my property?

According to IRAS, the Annual Value of a property is the estimated gross annual rent if it were to be rented out, excluding furniture, furnishings and maintenance fees.

For example, if you’re staying in a 5-room HDB flat, and your neighbour who also owns a 5-room HDB flat is renting out their flat for $1,500 a month, then your property Annual Value is around $18,000.

Annual Value GST Voucher 2018

If you are the Owner of a property, you can find out the Annual Value of your property at mytax.iras.gov.sg. This is a free service.

If you are not the Owner of a property and you want to find out, you can Check the Annual Value of a Property via the IRAS website. However, you will need to pay a fee of $2.50 per search.

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3. How do I check if my eligibility for GST Voucher 2018?

You won’t know until after 1 July 2018. You will be notified if you are eligible, but if you are a kan cheong spider, you can always log in to the My 2018 GST Voucher website and check.

If you have never received a previous Government payout before, you will need to sign up at the website first. Sign-ups for the GST Voucher 2018 begin on 1 July 2018, and don’t worry you have till the rest of 2018 to do so.

Happy Like Bird to Get GST Voucher 2018

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4. How much will I get from GST Voucher 2018?

If the Annual Value of your home is $13,000 or less, you will get $300 in cash.

If the Annual Value of your home is between $13,001 and $21,000, you will get $150 in cash.

How Annual Value affects GST Voucher

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5. When is the GST Voucher 2018 payout date?

The GST Voucher is given out in stages, but you will get it from 1 August 2018.

The payout date depends on whether you have signed up for a previous GST Voucher payout or indicated by July 2018 what your preferred mode of payment is.

If you have indicated a DBS/POSB, OCBC or UOB savings account, the GST Voucher – Cash will be credited to your account on 1 August 2018.

If you have indicated payment by cheque, you will probably receive your cheque near the end of the month, which means your 2018 payout date is delayed.

GST Voucher payout date

If you don’t have a savings account with the three local banks, consider opening one before July 2018. Here is a list of the best savings accounts in Singapore.

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6. Other than GST Voucher – Cash, what else can I get?

GST Voucher Medisave U-Save

Elderly Singaporeans are eligible for GST Voucher – Medisave, an annual top up to their Medisave Account.

Low-income and medium-income HDB households are eligible for GST Voucher – U-Save, a quarterly subsidy for utilities bills.

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7. Do I qualify for GST Voucher – Medisave in 2018?

There are 4 main criteria to meet before you are eligible:

  1. You are a Singapore Citizen, residing in Singapore
  2. You are aged 65 years old and above in 2018
  3. Your home (as indicated on your NRIC) as at 31 December 2017 must not exceed $21,000 in Annual Value
  4. You must not own more than one property

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8.     How much do I get from the GST Voucher – Medisave payout?

You can get between $150 to $450, depending on your age and the annual value of your home.

Rocking out with MediSave rebates

Age in 2018 Annual Value of Home as at 31 Dec 2017
Up to $13,000 $13,001 to $21,000
65 – 74 $250 $150
75 – 84 $350 $250
85 and above $450 $350

This amount will be credited to your Medisave Account. You can use your Medisave for your own medical needs, or for the needs of your immediate family, regardless of their nationality.

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9. Do I qualify for GST Voucher – U-Save in 2018?

GST Voucher – U-Save is only given to HDB households which meet the following criteria in 2018.

GST Voucher who qualifies1. If you own and live in your HDB flat, there must be at least one Singapore citizen owner or occupier in the flat.

GST Voucher who qualifies?2. If you partially sublet the HDB flat that you own and live in, there must be at least one Singapore citizen owner or occupier in the flat

GST Voucher who qualifies3. If the entire flat is sublet to you, there must be at least one Singaporean tenant

Immediate family members living with you in the same HDB flat must not own any other property.

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10. How much U-Save rebates will I get?

GST voucher U save

Flat Type Jul 2018 Oct 2018 Jan 2019 Apr 2019 Total Amount Per Year
1- and 2-room $95 $95 $100 $100 $390
3-room $85 $85 $90 $90 $350
4-room $75 $75 $80 $80 $310
5-room $65 $65 $70 $70 $270
Executive / Multi-Generation $55 $55 $60 $60 $230

Payouts will be automatically credited to the utilities account of the HDB household.

From 2019 to 2021, an addition $20 U-Save rebate will be given per year. This is to offset the rise in prices due to the newly introduced “carbon tax”, announced in Budget 2018.

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When is the last year for GST Voucher?

CHOI! Touch wood!

When this initiative was first introduced in 2012, it was described as a permanent scheme. Its purpose is to ensure that lower-income Singaporeans, elderly Singaporeans and most Singaporean HDB households get enough subsidies to offset increases in general spending, medical needs and utilities bills.

We expect the these payouts to keep coming *ahem*.

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Do you think the increased payout is adequate? Share your thoughts with us.

 

Not sure what else was covered in Budget 2018? Here are some related articles:

Budget 2018: 8 Things That Singaporeans Will Either Save or Spend More On

Budget 2018: GST on Digital Services and How It Affects You

Budget 2018: Buyer’s Stamp Duty (BSD) Going Up To 4% – Is It Time to Buy A Resale Flat NOW?

Proximity Housing Grant 2018 – Is This The Game Changer For Resale Flats in Singapore?

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Peter Lin

I am the poster boy for reinventing one's self. I've been a broadcast journalist, technical writer, banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.