Tuesday, 2 July 2013

GST Offset 2013

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For this year's budget, we have seen 2 million citizens inheriting the reward of $500 in cash and maybe $500 in medisave for some. The next logical question you may be asking now. How come i dont have huh? Well, according to the GST Voucher's website, this is what i quote

What is the GST Voucher?

The GST Voucher is meant to help lower- and middle-income households with their expenses, in particular, what they pay in GST. The GST Voucher will be given in three components − Cash, Medisave and U-Save.

On average, the GST Voucher will help lower-income families offset about half of the GST they pay each year. Retiree couples living in smaller flats can expect to receive a GST Voucher that will more than fully offset their yearly GST expenses. Middle-income families can also expect to receive a GST Voucher that will partially offset their GST expenses.

How much GST Voucher − Cash can I get?
The GST Voucher − Cash you can get in 2013 depends on:
(i) Your Assessable Income (AI) for Year of Assessment (YA) 2012 (i.e. income earned in Calendar Year 2011 as assessed by IRAS); and
(ii) The Annual Value (AV) of your home (as indicated on your NRIC) as at 31 December 2012; and
(iii) Whether you own more than one property.

Structure of GST Voucher − Cash

Assessable Income for
Year of Assessment 2012
Annual Value of Home as at 31 Dec 2012
Up to $13,000
$13,001 to $21,000
≤ $24,000
Note: Singaporeans who own more than one property are not eligible for the GST Voucher − Cash.

Ah huh! I didnt know i belongs to the HIGHER-INCOME families ah? Based on this calculation, i am certain MAJORITY of the working Singaporeans would not be eligible for this scheme. Come on, 24k per year? You cannot even apply for credit card leh, considered HIGH income ah? And how come this scheme only introduced after 2011 ah? Lots of questions to ponder. 

No doubt, the money you gave through your taxes, will be used to develop the nation. I am certain with the money given out, many families will be blessed. As i was opening the mailbox with 1 of my neighbour who is eligible for the scheme, i feel happy for him. Lets hope they use this amount wisely. Yes, i dine out often, i pay for the GST almost daily. Meaning the amount of $ i would have paid in future will most certainly be paid towards the nation building now. 

I am blessed to be in a little red dot country, where the people are generally happy with what they have. I was brought up in a government school, teaching us the morals of life. We do not even need to worry about our next meal, as it will most certainly be there when we are off from school or work. Be it medical, technology,environment, we are always one of the best in the world. We would not have came so far if not for the vision of our fore-fathers. 

We were told to study hard, to secure a good job. But just like any other kid in your family, when it's time to have our "meal"together, the most hardworking boy wasn't given a piece of meat to share. Instead, the food were given to everybody else except the wiser ones.

Not trying to sulk here, just feel a little unfair over here. We worked hard, just like everyone else. Yes, we can support ourselves even without the GST Vouchers, but wouldn't it be nice for the policy makers to think of us when they planned for the budget? 

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