|
Impact of Economic Restructuring Package
on Representative Households
|
(Item, $, avg)
|
|
|
1-room HDB
|
2-room HDB
|
3-room HDB
|
4-room HDB
|
5-room HDB
|
Exec. HDB
|
Private
|
|
Household Income1
|
22,700
|
22,300
|
42,200
|
52,900
|
77,200
|
95,100
|
149,700
|
|
Income tax savings2 (a)
|
0
|
0
|
0
|
59
|
296
|
447
|
1440
|
|
Additional GST payable annually3
(b)
|
336
|
373
|
548
|
695
|
903
|
1,132
|
1,679
|
|
Net additional tax payable annually (c)=[(b)-(a)]
|
336
|
373
|
548
|
636
|
607
|
685
|
239
|
|
Annual rental and S&CC rebates4
(d)
|
228
|
228
|
110
|
96
|
66
|
0
|
0
|
|
Number of adults5 (e)
|
2
|
2
|
2
|
3
|
3
|
3
|
3
|
|
Economic Restructuring Shares per year6
(f)
|
520
|
520
|
520
|
760
|
760
|
760
|
400
|
|
Total annual benefits (g)=(d)+(f)
|
748
|
748
|
630
|
856
|
826
|
760
|
400
|
|
Number of years of additional tax offset
[(g)*5]/(c)
|
11
|
10
|
6
|
7
|
7
|
6
|
8
|
Notes:
1) Household incomes are estimated based on the
1997/98 Department of Statistics (DOS) Household
Expenditure Survey (HES) and adjusted to 2001
levels.
2) Income tax savings are based on a typical
2-earner household with 2 school-going children.
The first income earner is assumed to earn 70%
of the household income. The income tax computation
takes into account personal relief, earned income
relief, CPF relief, child reliefs, NSmen relief
and further reduction of the tax rates to 20%
in subsequent years.
3) The additional 2% GST payable is calculated
based on the average household expenditure (excluding
imputed rent) from the 1997/98 HES, adjusted to
2001 levels.
4) Average of S&CC and rental rebates received
from 2003 to 2007.
5) The assumed number of adults for each household-type
generally corresponds to the average number of
adults per household in the 1997/98 HES. If the
actual number of adults in the family is less
than that assumed, the household consumption (and
consequently additional GST payable) should also
be correspondingly lower.
6) The ERS is based on the number of adults indicated
in (e). We assume that one of them is an active
NSman.
|
