I can forgo one year with RM 0 deposit and don't claim the tax relief for that year with no deposit.
The following year I deposit RM 8k.

Isn't this fulfill too right?

Year 1: RM 8k
Year 2: RM 0k
Year 3: RM 8k
Year 4: RM 0k

P/S: This is solely based on financial affordability. Government is NOT forcing everybody to contribute/deposit.

This post has been edited by CardNoob: Jul 8 2019, 09:00 PM

Year 1: RM 8k
Year 1: Tax relief :0
Year 1: total cash in SSPN account: RM8k
Year 2: RM 0k
Year 2: Tax relief : R8k
Year 2: total cash in SSPN account: RM8k
Year 3: RM 8k
Year 3: Tax relief : 0
Year 3: total cash in SSPN account: RM16k
Year 4: RM 0k
Year 3: Tax relief : RM8k
Year 3: total cash in SSPN account: RM16k

You work with LHDN or PTPTN?
Why are you picking on this?

No deposit sure won't claim for tax relief.
I don't get love letter invitation to drink coffee at LHDN office.

This post has been edited by CardNoob: Jul 8 2019, 08:40 PM

I may have mistaken your actual example intention ....my take is....

IF,....
Year 1: RM 8k deposit
Year 1: Tax relief :RM 8k to claim in April next year
Year 1 end: total cash in SSPN account: RM8k

Year 2: RM 0k deposit
Year 2: Tax relief : 0 to claim in April next year
Year 2 end: total cash in SSPN account: RM8k

Year 3: RM 8k deposit
Year 3: Tax relief : RM8k to claim in April next year
Year 3 end: total cash in SSPN account: RM16k

Year 4: RM 0k deposit,
Year 4: Tax relief : 0 to claim in April next year
Year 4 end: total cash in SSPN account: RM16k

Got friend work in LHDN....so I got this info from him. But if you don;t believe me...please continue, everyone also got the chance kena "lottery letter" as now they implemented AI system to check everyone account "especially those which are recorded in systems" That time you will have even more problem paying the penalty....things like receipt still can lari(can go buy or get receipt from other ppl) but for SSPN-I...everything is in the system...

Anyhow, feel free to do anything. My advise stop here.

This post has been edited by soules83: Jul 8 2019, 09:41 PM

Yes. You are right.

Anyone chooses savings and also takaful insurance?

How about the insurance policies?

Yes, the dividend is pro-rated.

You definitely haven't make any deposit into SSPN-i before so not sure why you're here dictating how CardNoob should make his deposit / withdrawal. FYI, PTPTN will automatically populate your SSPN tax relief field in the tax form so if you're eligible, you'll see the number appears there when you're declaring your tax.

Are you asking how is the SSPN-i Plus works or are you asking if it's worth it? Not sure what your questions are.

sorry to disappoint you, I been topup sspn longer than you might thought. the income tax population only works if you done it before. The autofill up is auto populated based on your previous income tax record.

I had one friend did wrong tax reporting last year and got letter from LHDN. The reason is he use the LDHN auto populate without properly checking his record, lucky he repay the tax during the low tax penalty period.

This post has been edited by soules83: Jul 9 2019, 09:54 AM

I stand corrected though I still find it suspicious that you're asking about how the dividend works.

And no, the SSPN field is automatically populated even for new SSPN depositors. My wife is a new contributor & her tax form has SSPN field readily filled up when she opened up her form April this year.

Eh come on, do you think I go and backtrace all my sspn dividend? I just take SSPN as education account for my kids to force myself to save. Dividend is just secondary which I didn't even bother to check.

last time when me and my wife fill up for the first time, sspn column is not auto filled. Maybe your time already have the system in place.

This post has been edited by soules83: Jul 9 2019, 09:57 AM

U put in 8K u can claim 8K tax relief for that year, if u take out within same year u are not allowed to claim relief.
U take out on 2nd year and u put in back 8K still does not make u eligible for another 8K relief.
U need to put in 16K in order to claim relief.

as for the dividend it will be pro-rated

er.. i think there's a miscommunication:
a. Talexeh (pls correct me if i misassumed) is talking about PTPTN "SSPN's tax document" which tells the account owner/us, how much tax relief we can file
VS
b. U are talking about LHDN's online tax preparation/submission which autofills based on previous data

then I also confused by him. I didn't go and check on the Talexeh, so far I only look at LHDN online form..

No, I was referring to the SSPN tax relief field in the e-Filing. My wife opened a SSPN-i account in November 2018 & when she loaded up her e-Filing early this year, the RM6K in the SSPN tax relief field has already been filled up.

So, mean it is just like PCB.. but I do notice some individual PCB didn’t auto fill up in all years (some year yes). So, I always check the amount b4 submit as it is still editable field.. not like those wife relief (for assessment wife no working) which is auto fill up and cant be amended..

For PCB, if u change the amount to higher than wat was auto populated, if LHDN can recon, they will accept, else will receive letter for short payment

thanks for sharing this.

if it's editable, then no harm. just make due diligence when filling up the form.

get the sspn statement ready, same like insurance annual statement, etc.

Guys pls dont make things complicated.

You can only claim tax relief if your SSPN shows a NETT increase of DEPOSIT on that year.

1. So if you dont deposit that year, regardless of how much you currently have in your account = no tax relief

2. If u deposited and withdrew in same year = no tax relief

3. If you withdrew 8k but deposited 16k in the same year = Yes to tax relief

Is the insurance worth it?

IMHO, it's better to get policy from insurance company rather than a government body that's tasked with student's tertiary education fund.