Yup not worth it.

If I know about the combined statement last year, I would have put in the amount of money required for the tax relief.

The method of depositing during year end time and withdrawal next Jan or Feb its kind of wasting my time so didnt do it this year.

Just dump in 8k every Jan and repeat next year.

Both need to open an account for:-

Child A account under Father Name
Child A account under Mother Name

Yes, 8k each.

Initially i felt worth to do it in 2015, 2016 & 2017.

Probably because I'm older now, felt tired to withdraw/deposit yearly and crack my head on where to put the money to generate more return.

2015 till now didn't get any lucky draw prize at all..

I still have my son ADAM50 not max out yet so any extra income will go into this account.

I took the time to check back from 2015 to 2018.

I tried using both the method you mention but didn't get the same dividend return.


My findings:

Interest is calculated by - (Deposit Amount/Balance x Dividend % / 12 months) x number of months entitled to.

Transaction between 1st to 16th will entitle for that month of interest. i.e Deposit on 05 Nov RM20 x 4% / 12month * 2 months = RM0.13

Transaction from 17th to 31st won't entitled for that month of interest. i.e Deposit on 30 Oct RM20 x 4% / 12month * 2 months = RM0.13

Just double check again.
Deposit on 14/12/2015, 15/12/2015, 13/12/2016 & 15/12/2016 not entitled to any interest.
Deposit on 4th Dec get me 1 month of interest. Not sure the cut off date for Dec.



This post has been edited by rapple: Sep 4 2019, 04:06 PM

No idea.

I tried the same calculation from 2015 to 2018 and managed to get the exact dividend they paid out.

Think if someone planning to do deposit then withdraw every year then

Deposit in end of Nov thus entitled to interest for month of Dec

Withdraw in Jan as early as possible for other investments.

------------------

For withdrawal made in Jan

16-1-17 - No interest is paid for the amount withdrawn.

13-1-16 - No interest is paid for the amount withdrawn.

------------------

My findings shows that money deposited in there for at least 1 calendar month, will get the 1 month interest but don't take this as an actual guideline for entitlement of dividends because the sample size I have is around 3 to 4 transaction a year x 4 years = +/- 16 transactions.

This post has been edited by rapple: Sep 6 2019, 03:06 PM

3 to 5 working days probably since if transfer from bank to sspn also required few working days.

I have send in 2015 and 2017 to LHDN as requested by them this July but dont have any problem.

Went to BI, Ipoh Branch today. Took about 30 minutes to complete.

No form need to fill in to link SSPN as everything can be done through ATM machine.

In a 14% tax bracket or higher, maximise the 8k tax relief instead of putting in ASM3 is a better option for myself.. just not willing to pay the extra 1k plus tax..

The BI account I open recently looks wasted for now..

This post has been edited by rapple: Dec 29 2019, 07:08 PM

Already bank in this morning through FPX - 8k for 2020 tax relief.

To ensure I'll get the full 4% and I dont really invest in any stock/unit trust anymore except ASM3..

8k can get what kind of FD promotion .. and EPF tax relief only at 4k, will probably put it in towards end of the year when I do my year end closing..

The dividend it's 4% a year from 2016 to 2018.. before that I'm not too sure..

No impact if you withdraw in Jan 2020

8k x 21% = RM1,680 guaranteed tax relief and this is the main purpose contributing to SSPN-i.

Any % of dividend is a bonus.

Not so early .. most likely in Feb..

Once the option available .. you can check back previous year.. so wait for it..

If you use fpx through sspn website its updated instantly..

I deposit 8k on 2nd Jan 2020 even theres no 2020 transaction history the system still show it in the 2019 history..

System updated so 2020 transaction has already been reflected..

How much you withdrawing? 8k?

1 month interest @ 4% is only rm26.66 per month.

Will you will lose sleep over just for rm26?

I did a calculation before .. you can search in this thread..

No guarantee is accurate. Follow at your own risk.

Dividend is credited.

Upon checking only the balance b/f from 2018 & the dividend is entitled to 12 months of interest..

Deposit on 9 Jan - pro-rated to 11 months
Deposit on 8 Feb - pro-rated to 10 months
Deposit on 14 Mar - pro-rated to 9 months

Bro, we are in the year 2020 why still keep hardcopies.

Since I started declaring my tax in 2014, EA form, CP58, for every tax relief that I claim and all payment receipts to LHDN I'll keep a softcopy.

The so called link to LHDN sometimes is flaw, better check thoroughly on your own. Some of my client payment for cp500 or pcb is not even updated correctly in their form b/be.