Property News: Budget 2020 Resilience Budget – Aid and Appeals for Self-Employed Persons

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Resilience Budget: Income Relief Scheme to Aid Self-Employed Persons, First Payment in May

The Ministry of Manpower (MOM) announced on Friday that around 88,000 people will benefit from the Self-Employed Person (SEP) Income Relief Scheme (SIRS) with S$1,000 a month for nine months.

This includes freelancers such as taxi drivers and real estate agents, who will receive three cash payouts of S$3,000 each on a quarterly basis in May, July and October.

Singaporean SEPs who meet the criteria for the scheme include those who:

  • Started on or before March 25 2020
  • Do not earn income as an employee
  • Earn a net trade income of no more than S$100,000. This refers to gross income less allowable expenses and trade losses
  • Live in property with an annual value of no more than S$13,000. This refers to the rental income a property could fetch
  • Do not own two or more properties

For married Singaporean SEPs, the individual and spouse:

  • Do not own more than two properties
  • The assessable annual income of his/her spouse does not exceed S$70,000

Source: TODAY


Self-Employed Persons Who Don’t Qualify for the Income Relief Scheme May Appeal

Freelancers who do not automatically qualify for SIRS may still appeal to be considered. SIRS is part of Singapore’s Resilience Budget, aimed at helping SEPs, such as taxi drivers, private hire car drivers and real estate agents, tide over the COVID-19 pandemic.

The Ministry of Manpower (MOM) will consider three main types of appeals for SIRS:

  • Those living in private properties with an annual value of slightly more than S$13,000
  • Those who have spouses earning more than S$70,000 a year but have a large household to support
  • Those who have regular part-time work paying a small salary besides self-employment

Sources: TODAY, MOM

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