Remember and get ready ............ $ for us in the next 5 years! PW
For more info, please log onto
www.mom.gov.sg or email
wis@cpf.gov.sg or call 1800-2222-888 (Mon - Fri: 8am to 5pm; Sat: 8am to 1pm)
A very important note: You must sign up for your GST Credits via:
1) ATM (DBS/POSB/ UOB/ OCBC) by 25 Jun 2007 or
2) Website (
www.gstoffset.gov.sg) by 25 June 2007 or
3) Forms at CC, CDCs, SingPost offices and CPF Service Centres by 15 June 2007
All sign-up commence on 15 May 2007.
Money will be deposited into your designated bank account or send by cheque on 1/7/07.
Here's a summary of the new GST Credits that you may wish to know, only applicable to Singaporean.
1) GST Credits/Payable by Government over 4 years:
Income below $24K a year, with Annual Value of Home less than $5,000 (3 rooms and below) - $1,000 ($250/yr x 4 yrs)
Income from $24K - $100K a year, with Annual Value of Home less than $5,000 (3 rooms and below) - $800 ($200/yr x 4 yrs)
Income below $100K a year, with Annual Value of Home more than $5,000 but below $10,000 (all other HDB unit) - $800 ($200/yr x 4 yrs)
If your Annual Value of Home is more than $10,000 (most private homes) and earning below $100K a year, you will get $400 ($100/yr x 4 yrs)
If your Annual Value of Home is more than $10,000 and earning more than $100K a year, you will be getting a one time payment of $100
If you are a NSFs and NSmen - extra $100 (one time payment)
2) Post-Secondary Education Accounts (For those below 20 yrs old):
Range from $100 to $400 depending on age and Annual Value of Home 7-12 yrs old - Annual Value of Home below $10k or less - $200/yr, otherwise $100/yr 13-20 yrs old - Annual Value of Home below $10K or less, $400/yr, Otherwise $200/yr
3) Senior Citizens? Bonus ? Payable by Government over 4 years:
Income below $24K a year staying in 3 rooms and below?
Age 55 to 59 ($600 - $150/yr),
Age 60 and above ($1,000 - $250/yr)
Income above $24K a year staying in 3 rooms and below?
Age 55 to 59($400 - $100/yr),
Age 60 and above ($800 - $200/yr)
Income above $24K a year staying in all other HDB unit?
Age 55 to 59($400 - $100/yr),
Age 60 and above ($800 - $200/yr)
Income $24K to 100K a year staying in private property?
Age 55 to 59 ($200 - $50/yr),
Age 60 and above ($400 - $100/yr)
4) HDB Housing Rebate
If you are staying in HDB Flat, here's the rebate on Conservancy Charges per month for 5 years:
1 rm - $15
2 rm - $12
3 rm - $8
4 rm - $7
5 rm - $5
Exec Flat - $2.5
5) Property Tax Rebate
Up to $100/year in 2008 & 2009, 3 room and 4 room HDB owners will pay little to no property tax for 2 years
6) Other Changes
Childcare Subsidies of $20 - $40 more a month for each child
Higher subsidies of $80/mth for Kindergarden Fee
$10 million for Public Transport Fund
Road tax cut by 8%
Remove of 1% cess from hotels and restaurants, from +++ to ++ (10% Service and 7% GST)
7) CPF Contribution
Increase employer CPF contribution by 1.5% if monthly income is above $1,500
Reduce employer and employee CPF contribution if income is below $1,500
In order to balance up the total CPF contribution for low income earner, they can apply for Workfare Income Supplement (WIS).
Singapore Citizen above 35 years old, earning below $1,500 a month and living in HDB flat, who work at least 6 month in a year can apply for the benefits up to max of $1,200 a year, depending on age and monthly income.
For more info, please log onto
www.mom.gov.sg or email
wis@cpf.gov.sg or call 1800-2222-888 (Mon ? Fri: 8am to 5pm; Sat: 8am to 1pm)
A very important note: You must sign up for your GST Credits via:
1) ATM (DBS/POSB/ UOB/ OCBC) by 25 Jun 2007 or
2) Website (
www.gstoffset.gov.sg) by 25 June 2007 or
3) Forms at CC, CDCs, SingPost offices and CPF Service Centres by 15 June 2007
All sign-up commence on 15 May 2007.
Money will be deposited into your designated bank account or send by cheque on 1/7/07.
