Budget 2023: Singaporeans can estimate benefits they will receive through online calculator
Assessable income and the annual value of homes are required for the calculation.
Singaporeans can now find out the estimated benefits that they and their households will receive from the Government through the SupportGoWhere portal.
This comes after Budget 2023, where Deputy Prime Minister and Minister for Finance Lawrence Wong announced a slew of initiatives to aid Singaporeans with the rising cost of living.
The Support For You Calculator will require information about both the Assessable Income (AI) and the annual value of one’s home to estimate the benefits that they will receive from 2023 to 2026.
Some of the fields will require individuals to state if they own more than one property, the housing type they live in and the property ownership – owned by the individual or a household member, rented from HDB or rented from an open market.
The AI can be found on the tax bill that Singaporeans receive each year if they are required to pay taxes.
One can also check the annual value of their property by referring to the latest data by the Inland Revenue Authority of Singapore (IRAS) to get an estimation.
However, the SupportGoWhere website states that the total benefits shown are only an estimation based on what is keyed in. It added that projections for future years’ payouts are based on the assumption that the information given remains the same.
Any member of the household can use the calculator to enter the information of themselves and their household members to estimate the benefits that they may receive from the Government.
The calculator generates the individual and household benefits that Singaporeans are entitled to till 2026.
These benefits include the Assurance Package (AP) cash, Cost-of-Living Special Payment cash, GST cash vouchers, CDC vouchers, S&CC and U-Save rebates.
Eligible Singaporean households living in HDB flats will receive GSTV and U-Save rebates if there is at least one Singapore citizen in the flat and household members who do not own or have interest in more than one property.
To tide over inflation, the GST cash voucher amount has been increased to $350 or $700, while the Assurance Package cash has been increased by between $300 and $650.
A one-off Cost of Living Special Payment between $200 and $400 will also be paid out to each eligible Singaporean in June 2023.