Wont depend on sspn for the returns for now, just for "washing", cashout monthend then into epf&asm.

This post has been edited by MGM: Mar 6 2024, 12:07 PM

yeah as mum said.

Dear sifus,

I plan to make a 99% withdrawal from my SSPN account due to personal emergency

May i know what is the process if go over the counter and how long it will take for the transfer to be completed?

Much appreciated

Thanks

go bank islam. open a bank account and linked to sspn.

activate online banking and app go islam


then, anytimes, u can withdraw sspn instantly online

Just to clear this, and i've check thru the news.
8K we deposited before 31 Dec 2023 is eligible for tax relief which we will file in this year (Mar/Apr 2024).
If we were to deposit another 8K this year (2024), we wont get any relief when we file our tax on Mar/Apr 2025.
Correct me if im wrong

My understanding to that highlighted scenario and results is "Wrong" . For my interpretation is "You can still file tax relief claim in Apr 25"

But why they asking us to deposit before 31 Dec 2023.
I mean they emphasis on this..before 31 Dec 2023

Bro, read the whole sentence!

Oleh itu, rebutlah peluang ini dengan menabung sebelum 31 Disember 2023 untuk menikmati pelepasan taksiran cukai pendapatan tahun 2023.



Deposit before 31 Dec 2023 in order to eligible tax relief for tax assessment of 2023

aiyorrrrrrr

it's a CALL TO ACTION la

end of the 2023, they ask you to quickly deposit to EARN the tax relief in YA2023 filing (2024) lor

Haha..okok..my bad..missed one sentence and make me so confuse.
Thank you all Sifu...
So now need to find RM 8K to deposit to SSPN before 31 Dec 2024.

This post has been edited by jagjag: Mar 7 2024, 10:46 AM

within a week can get the cash in your account

Bold part is wrong. correct = the same as the first statement

.

This post has been edited by sagethesausage: Mar 7 2024, 12:17 PM

I just did it.

Very long. 14 business days.

Never keep emergency money in sspn.

Cap to 50k total transaction. If you only have one individual bank islam account then effectively limit to 25k per day. If you have two individual (e.g. yourself and spouse) then can move 50k from your SSPN to 3rd party Bank Islam, then that person can move the 50k to wherever.

how many of you guys max out RM8,000 tax relief from depositing into SSPN. even if you don't max it out, does the benefit from tax relief really make a difference(let's say RM3,000 tax relief) to the overall taxes paid compared to the dividend given, and compounded through the years?

Depends on your tax bracket.
If you kena the 20% tax bracket,....3000 X 20% = how much less taxes need to pay?

i think this is not the first time you mention effective limit RM25k/day.

i think that is wrong.

is there such a thing called effective limit?
set by B islam?

All i know is daily limit Bank Islam RM50k a day.

so if people can transfer out RM50k sspni money a day, no need 2 bank accounts.
why you keep saying need 2 accounts?

Tell us how did you do your transfer of sspni money.

bro you must calculate lah how much tax saving for yourself
you want to max out or not upto you.

Others with high tax barcket sure want to max out RM8000

I have maxed out 8k every year (mostly 16k since both for myself and wife) since opening accounts when the kids were babies.

If you're asking whether the tax relief of 8k is worth it.... it's about RM2k less I have to pay to government at my tax bracket. And its not like every other tax relief where you actually have to spend and buy something, its literally putting aside savings for your kid's education. The dividend used to be decent too, now seems a bit worse, but lose 1% on there is not an issue when gaining 2k every year from tax relief plus additional 1% on full amount during ganjaran kesetiaan month.

Roughly calculating, definitely the dividend + ganjaran over the years is 20+k so far. Income tax benefit slightly more, maybe 25k between me and spouse. That's total roughly one third of the amount I had in the account as of 31st December 2023. Most of the ganjaran is from pumping a few hundred k just for those months la, but as you can see the income tax benefit is more worth (obviously, it's at 26% for me, compared to ganjaran 1%, but ganjaran is much much higher cap).

Another way of putting it, I saved X amount for my kids over the past 10 years, and due to income tax benefit and dividen and ganjaran I now have X+50% saved up. Bitcoin/AAPL/NVDA would have given more of course, but this is savings not investment.