Yes, confirmed. Source: me & my wife.

This question is subjective but if you're just looking to enjoy the tax relief, technically you just need to "park" your 16K for a period of ~1 month in SSPN-i. After that, you can withdraw everything & invest in anything else that you deem to be at >4%pa profitable.

Thanks for the reply. So far I don't have any risk free investment which can generate >6% guaranteed profit for me to consider the hassle of moving the money around. I guess I will just remain the money inside. This save me the hassle also to consider other riskier investments such as UT until I max my SSPN account.

Yes, that's a RM3,360 ROI / savings there already.


Only if you're parking in December, then withdraw in January. Otherwise, you put in take out is counted as RM0 deposited into SSPN for the year, and you will claim RM0 tax deductions.

If you put in 8k in December 2019, and withdraw 8k in January 2020, you can claim 8k deduction for 2019, but then for 2020 you need to deposit back 16k if you wanna claim for 2020.

This post has been edited by mr_tuzki: Jul 7 2019, 03:10 AM

a question. Must be at least 1 months (full 30 days) money deposited and stay in sspn account before we withdraw then it can be count in tax deduction?

let say, i deposit rm6k in 6 dec 2019. withdraw in 2 december 2020. can be count in tax relief?

No need to wait for so long.

thanks..as long as there is positive balance before 1 Jan 2020, should be eligible for tax deduction

here's the FAQ >> https://www.ptptn.gov.my/faq-insentif-belan...apatan-individu

it showed some scenarios on how "simpanan bersih" or "net savings" determined for tax relief.

yeah i did read the link above before opening sspn i account for my son. Just this question im a bit confuse:

Pendeposit mempunyai baki akaun pada tahun sebelumnya sebanyak RM4,500. Pada tahun semasa, pendeposit telah membuat simpanan sebanyak RM3,000 dan membuat pengeluaran sebanyak RM1,000. Berapakah jumlah insentif pelepasan taksiran cukai pendapatan bagi tahun semasa?

Pendeposit layak mendapat insentif pelepasan taksiran cukai ke atas simpanan bersih bagi tahun taksiran semasa sebanyak RM2,000 (RM3,000 - RM1,000).

Pengiraan:

Baki akaun sebelumnya = RM4,500.00 (tidak diambil kira)
Penambahan deposit semasa = RM3,000.00
Pengeluaran deposit semasa = RM1,000.00
Simpanan bersih semasa = RM2,000.00

How about scenario - deposit in dec 2019 rm5k. withdrawn rm5k in January 2020

then recycle same thing on dec 2020. withdraw in January 2021 (let say the tax deduction still available)

are we will get tax relief of rm5k for 2019 and 2020?

from the past postings & replies of others forummers....and some also done that before...
seems like
YES, can claim tax relief.
(calculation assuming maximum is RM6000, this year start is 8k)
Deposit 6k Dec 2017
take out 6k Jan 2018
report tax relief in April 2018 for income tax reduction

if you want that tax relief cycle to continue...

Deposit 12k in Dec 2018
take out 12k in Jan 2019
report tax relief in April 2019 for income tax reduction

if you want that tax relief cycle to continue again...

Deposit 18k in Dec 2019
take out 18k in Jan 2020
report tax relief in April 2020 for income tax reduction

sumbangan bersih for that year to qualify for tax relief

else....don't put in for that year, don't claim for that year.....then repeat that cycle next year from fresh 6k

this is part i confused. why need to double the amount from 6k to 12k for next year deposit? From PTPTN original scenario, BAKI from last year will not count for tahun semasa?

can just let it like this:

depo on dec 2017 rm6k , withdraw on Jan 2018 rm6k - ZERO balance on feb 2018

then depo back rm6k on dec 2018, withdraw Jan 2019 6k

depo on dec 2017 rm6k ,
withdraw on Jan 2018 rm6k - ZERO balance on feb 2018

claim tax relief in April 2018...

then depo back rm6k on dec 2018, withdraw Jan 2019 6k

cannot claim tax relief in April 2019

alright bro

Yes, I think this is correct. You can't be recycling the same 6k in and out, 10 years later still using the same 6k to claim tax relief for 10 years (and I know, the tax relief is just for a few more years, but just saying)

Also, it's not that much harm to leave the money inside SSPN, unless you're borrowing money from ah long to top up. SSPN you get around 4% returns, which is better than putting in FD.

This post has been edited by mr_tuzki: Jul 7 2019, 04:35 PM

What if 2019 6k
2020 0k
2021 need 12k?

In this case from the wording I think don't need 12k. Coz your 2020 is -6k deposit, but you claim 0k tax deduction. Don't think negative carries forward.
Total claimable = Total in - Total out in that year itself.

No, if you skipped a year, you start from fresh again so just 8K is required for 2021.

hehehe.

my little hint for those who are scratching their head to meet 16k, 32k, 40k, 48k, etc in those years.

restart the thing instead you are chasing additional 8k every single year.

although this is something so simple, sometimes you need to think of out the box if not you will never be ahead of others.

already told by MUM.....

okie sorry. didn't read those previous posts. my bad.

I don't really concur.

Based on your earlier example, it means for year
2019: claim 8k tax deduction
2020: no claim
2021: claim 8k tax deduction
2022: no claim

Yes it saves the hassle of in and out. But those years you don't claim you lose out a lot in additional taxes already. Like I said unless you're borrowing from loan shark, or can't afford to have 8k savings a year, I think it's just better to leave the money in there, earn 4% and save on tax.

If you're at 14% marginal tax bracket, that's a RM1,120 savings
If you're at 21% marginal tax bracket, that's a RM1,680 savings
If you're at 24% marginal tax bracket, that's a RM1,920 savings

Also, I think at the moment the tax relief is only until 2020 (though it can be extended in future Budget), so it won't compound 8k,16k, 24k, 32k, etc.

This post has been edited by mr_tuzki: Jul 8 2019, 01:00 AM