Singaporeans are abuzz about the upcoming GST credits, that was just announced in Budget 2016. But the bigger question on most people’s minds is how much will they be getting this year, $250/ $500? Well first off, you need to have had an assessable income of $26,000 or less in YA 2015.
If you meet that condition, the answer is pretty simple, if you live in a HDB flat , odds are you should be getting $500 – This of course, depends on where you stay. If you live in a condominium, apartment or landed property, you’ll probably be getting $250 this year.
How can you find out exactly how much you’ll be getting from GST Credits this year?
2016’s GST Credits are based on the Annual Value of your home. If you’re a homeowner, all you need to do to check that value to is login to mytax.iras.gov.sg. The value of your home will be available there at no cost. If you are not the homeowner and want to avoid an awkward conversation with your parents about how much their house is worth, you can
The value of your home will be available there at no cost. If you are not the homeowner and want to avoid an awkward conversation with your parents about how much their house is worth, you can simple go to E-Val and find out. Though you’ll have to pay $2.50 to do so.
To find out more about the annual value of your home visit IRAS here.
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