If you spent Valentine’s Day this year watching the Budget 2023 speech delivered by Deputy Prime Minister (DPM) Lawrence Wong, you would be aware that Singaporeans will be eligible for enhanced benefits this year.
Among the various benefits announced, the Assurance Package (AP) and permanent GST Voucher (GSTV) scheme are intended to help households manage rising costs due to inflation and GST rate hikes.
To help Singaporeans easily estimate the benefits they could be entitled to, the government has launched an online calculator which is free to use.
New Calculator for Budget 2023 Benefits
Named the “Support For You Calculator”, this calculator helps the user to “estimate benefits you and your household may receive from the Government”.
DPM Wong has posted a video on his Facebook page to promote this calculator to the masses.
This Support For You Calculator is jointly developed by teams from the Government Technology Agency (GovTech) and the Ministry of Finance.
GovTech is the driving force behind well-known applications that many of us are familiar with, such as SingPass, ‘Ask Jamie’ Virtual Assistant and CrowdTaskSG.
To use this calculator, you need information such as your year of birth, your recent assessable income and information about the property listed on the NRIC of you and your household members.
Assessable income is “all forms of income from trade, business, profession or vocation, employment, as well as rental income that is taxable”.
You may also need to enter information about other household members who live at the same address as you and who do not own more than one property.
After keying in the relevant information, the calculator informs you of the estimated total benefits for you and your household, split into individual and household benefits.
Individual benefits include items such as cash payout under the AP. On the other hand, household benefits cover aspects such as rebates for household utilities and CDC vouchers.
The calculator also indicates the timeframe you can expect to receive the benefit and also projects the benefits you are eligible to receive from 2022 to 2027.
Do note that this calculator is meant to calculate schemes applicable to Singaporeans only.
The calculator can be found at https://supportgowhere.life.gov.sg/budget/support-calculator.
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GSTV Is Not Included in the Calculated Benefits
Although the calculator sounds impressive, nothing is perfect.
There is a problem—this calculator does not include the amount of GSTV you may be entitled to receive.
A happy problem, really, since it means that you potentially stand to receive more cash handouts beyond what is estimated using the calculator.
GSTV is a cash rebate for Singaporeans aged 21 or above and residing in Singapore. There are also specific income criteria you must meet to be eligible for the rebates, such as not having Assessable Income which exceeds $34,000.
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Property is another factor which plays a part in determining eligibility for the GSTV. You will not receive the GSTV if you own more than one property or if the Annual Value of your home indicated on your NRIC exceed $21,000.
Under the measures announced in Budget 2023, GSTV payouts could go up to $700 for those living in a house with an Annual Value of $13,000 or less.
We’re definitely looking forward to the enhanced rebates this year.
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Featured Image: supportgowhere.life.gov.sg
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