Do you know that every year you will get a GST voucher? In your journey with money, such a windfall is something many Singaporeans look out 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.
“Swee Lah. Government giving money. Boleh la. Can do financial planning liao”
What is the GST Voucher Scheme?
Do you know the government has a permanent scheme since 2012 to help lower-income Singaporeans with their GST expenses? The GSTV comprises three components – Cash, MediSave and U-Save. It will impact 1.6 million Singaporeans with $1 billion worth of money.
In August 2018, about 1.39 million eligible Singaporeans will receive up to $300 in GSTV. To receive payouts directly into their bank accounts, you are encouraged to update your bank account details at www.gstvoucher.gov.sg otherwise it will take longer time to receive the money
If you are older than aged 65 and staying in Singapore, you will get money in your medisave too.
Eligible households will also receive U-SAVE. To qualify, your family must first stay in a HDB flat.
How much will I be receiving?
Everyone is different. You will receive a portion of the voucher if
- Age 21 and above in 2018
- Earned $28,000 or less in 2016
- Your home (as indicated on your NRIC) as at 31 December 2017 must not exceed $21,000 in Annual Value
- You must not own more than one property
(Annual Value of a property is the estimated gross annual rent if it were to be rented out, excluding furniture, furnishings and maintenance fees.)
Here’s the interesting part. You will only know on 1st July 2018!
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.
When will I get the money?
The voucher will be given in stages but you will get it from 1 August 2018. It depends on what your preferred mode of payment is. If you indicated DBS/POSB, OCBC or UOB savings account, the GST Voucher – Cash will be credited to your account on 1 August 2018.
Wishing you the best in your journey with money.