6K is SSPN specific.

The other 6k is the SSPN-i-plus or whatever they're calling it. That one is claimable under different category (the life insurance/EPF one). Useless for most of us who have regular EPF contributions and/or a life insurance plan which may hit the 6k mark already.

PTPTN at Giant USJ does not. They said only debit card allowed. Prepaid not allowed.

You leave it in you get 4% interest

Exactly
12 month FD means you won't get the money in there out in time for the next round of SSPN deposit. If I withdraw 8k in January, I need to put in 16k by December to be eligible for the next year's income tax benefit.

And income tax benefit for the next year is likely to be 'better' than this year's, generally speaking (because your income presumably is increasing).

12 month FD is not a good way to play this game. Better if you can find middle of year some 6/9 month promo, then the rest of the time keep in something like OCBC 360 for 4.1%.

But the hassle-free (no need to park, submit form, wait) option is to leave in SSPN.

Until/unless you are no longer confident that PTPTN can sustain.

You're... just agreeing with what I said w.r.t not using 12 months but instead aiming for shorter tenure so liquidity is available again?

As they're counting annually you should get 8000 for 2019 claim (file in 2020).

But by doing it this way you miss out on 2018 claim (since your net is -3000 for the year).

More efficient way is to withdraw everything (or almost everything, leave RM20 so that don't need to close/reopen account) in 2018. Since you're not claiming anyway.

Some who have been saving over years may want to take a 'gap year' where they don't claim and withdraw everything. Then the next year restart.

For me, forced savings is good anyway. As long as I'm reasonably confident PTPTN not going to shut down and haircut all depositors, may as well leave it in. 4% is not a very poor interest rate anyway.

This one has been quite clearly shown in their example, you will only get 5k rebate.

Don't confuse yourself with 'after tax filed' or anything, that is not relevant. Relevant is just:-

1. How much money you had in the account on Jan 1st 20XX - RM A
2. How much interest (if any) you earned on your account during 20XX) - RM B
3. How much money you had on Dec 31st 20XX - RM C

You can claim RM (C- (A+B)). That's all, not complicated.

No it's not, it's based on change, not final amount.

I currently have about 32k in SSPN, means to qualify for the 8k deduction next year I need to end the year at 40+k in SSPN. If in between I withdraw everything will need to put it back in + 8k.

You can do in and out, but the amount must be correct. In more than out by the amount you want to claim.

You just come into the thread for....? Info all provided already, and SSPN tax benefit is the most 'famous' reason for it to exist.

People trying to find loopholes until this far? Technically do-able. You're locking your 10k up for a certain period of time though, which is the period of time required to do the whole roundabout.

Ignoring the fact that SSPN may eventually flag your account for suspicious behaviour, if we assume your 10k is locked up for 2 weeks, comparing it to the normal FD interest rate of 3% gives a cost to you of RM12.50 to play this game. Not taking into account the fact you have to go to PTPTN office to initiate withdrawal (costs to that, including time taken).

Your 10k credit card points are normally worth what.... 20 ringgit?

Interest for full year is normally about 4%. Which is better than standard FDs, but of course if you have other investments those would be preferable.

Some people don't believe this part.

Do note that additional is only on savings placed between Jan/Apr 2019 (not on the full amount saved up over the years), and only applies if you never did withdrawal. Not really that attractive, mainly just to get people to deposit start of year rather than end of year.

Suspicious minds would take this as indication that PTPTN running out of money.

Assuming you meet the other conditions.

And only for the amount you top up in this period. So if you currently have 18+k (3 years of 6k each, since 2016) inside and you deposit 8k more this year, you will get X% on the whole balance of 18+k and X+0.5% on the 8k deposit of this year.

As calculated above, max RM40 bonus interest.

Same here, 0 out of 2. Accounts opened 2014 and 2016.

This is in addition to the basic interest (so far 4%), so its not like you put 8k and ONLY get RM40. Effectively they're doing their own FD promo. Put 8k, get 4.5% interest in first year. Before even taking into account tax rebate.

What you 'think' doesn't matter. Clear black and white exists for a reason, rajinlah baca.

You deposit 12k and withdraw 6k... why not just deposit 6k? Especially since 'same month'.

Entitled, but what people are talking about is withdrawing for liquidity purposes. Deposit 6k in 2015, withdraw 6k at start of 2016. If still want to claim for 2016, by end of the year must deposit 12k. Then start of 2016 withdraw all, means by end of 2016 you need to deposit 18k.

Too much overthinking really. 4% or so is a good interest rate (not even taking into account tax benefits) for something which is pretty much guaranteed. You can't (shouldnl't) put ALL your money into those high return things like stocks or business, so why not just leave that 6k/8k a year in SSPN rather than trying to roll it yearly and get headache. It's better than savings accounts and most FDs.

Agree with cempedaklife, don't think too much, just start it. Immediately you can get back money from government via tax deduction.