SSPN, Skim Simpanan Pendidikan Nasional
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 Dec 9 2012, 04:49 PM
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All Stars
21,308 posts Joined: Jan 2003 From: Kuala Lumpur   
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QUOTE(joyride997 @ Dec 9 2012, 12:42 PM) could I deposit 6k for YA2012 to reduce income tax and then withdraw in 2014 without reasons? Why not ?just want to confirm coz it doesn't sound logical.  |
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Dec 10 2012, 12:07 AM
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Senior Member
4,714 posts Joined: Jan 2003
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cannot...see earlier post....
there's some criteria you need to meet if you want full withdrawal... QUOTE(joyride997 @ Dec 9 2012, 12:42 PM) could I deposit 6k for YA2012 to reduce income tax and then withdraw in 2014 without reasons? just want to confirm coz it doesn't sound logical. |
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Dec 11 2012, 07:54 AM
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Junior Member
158 posts Joined: Jan 2010
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i read the criteria. correct me if i'm wrong.
it means that you could only withdraw if deceased or for your kids' further education. how about emergency? what penalty are we talking about? |
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Dec 11 2012, 09:04 AM
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All Stars
21,308 posts Joined: Jan 2003 From: Kuala Lumpur
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QUOTE(joyride997 @ Dec 11 2012, 07:54 AM) i read the criteria. correct me if i'm wrong. You can close anytime you want....it means that you could only withdraw if deceased or for your kids' further education. how about emergency? what penalty are we talking about? |
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Dec 12 2012, 10:18 PM
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Junior Member
158 posts Joined: Jan 2010
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so, i could have tax deduction for this year.. then withdraw next year 2013....
and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan.... on and on and on...... OK kah? doesn't sound logical ... |
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Dec 12 2012, 10:22 PM
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All Stars
21,308 posts Joined: Jan 2003 From: Kuala Lumpur
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QUOTE(joyride997 @ Dec 12 2012, 10:18 PM) so, i could have tax deduction for this year.. then withdraw next year 2013.... Try it and let us know... nobody knows the answer as we do not know if SSPN allows you to re-open the account.and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan.... on and on and on...... OK kah? doesn't sound logical ... |
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Dec 13 2012, 02:22 PM
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Junior Member
294 posts Joined: May 2006 From: Shah Alam
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QUOTE(joyride997 @ Dec 12 2012, 10:18 PM) so, i could have tax deduction for this year.. then withdraw next year 2013.... no.. they count net basis... means you can have tax deduction this year... and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan.... on and on and on...... OK kah? doesn't sound logical ... then in 2013 u withdraw... u have -ve balance... then u put in another 6k.. become zero.. so no tax deduction, unless u put in 12k... and on and on... anyway, not easy to withdraw, because only few reason for full withdrawal - deceased and further children education (with proof of University/ College acceptance) partial withdrawal is allowed - 5% of your balance, and max RM100, something like that.. and very hassle to withdraw... does this help? |
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Dec 14 2012, 03:09 PM
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Junior Member
100 posts Joined: Mar 2010
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can we get tax relief of 6k for 2012?
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Dec 14 2012, 03:10 PM
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All Stars
21,308 posts Joined: Jan 2003 From: Kuala Lumpur
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QUOTE(sunder82 @ Dec 14 2012, 03:09 PM) can we get tax relief of 6k for 2012? Yes.... if you deposit before 31-Dec-2012 |
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Dec 14 2012, 03:23 PM
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Junior Member
262 posts Joined: Dec 2007
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QUOTE(lalachong @ Dec 13 2012, 02:22 PM) no.. they count net basis... means you can have tax deduction this year... Thanks for the sharing then in 2013 u withdraw... u have -ve balance... then u put in another 6k.. become zero.. so no tax deduction, unless u put in 12k... and on and on... anyway, not easy to withdraw, because only few reason for full withdrawal - deceased and further children education (with proof of University/ College acceptance) partial withdrawal is allowed - 5% of your balance, and max RM100, something like that.. and very hassle to withdraw... does this help?  This sounds like...money is easy to go in and hard to come out? With the tax relief benefit, guess this thing is able to attract more and more people to jump into the pool . I am also one...nearly...and still observing  |
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Dec 14 2012, 03:35 PM
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Junior Member
100 posts Joined: Mar 2010
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Yup, it is hard to take out the money...... :-(
One way is to good to save our moeny rather than paying to government. |
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Dec 14 2012, 03:51 PM
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Junior Member
262 posts Joined: Dec 2007
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QUOTE(sunder82 @ Dec 14 2012, 03:35 PM) Yup, it is hard to take out the money...... :-( But no point to keep pumping more money into the pool, without the capability to withdraw or roll it.One way is to good to save our moeny rather than paying to government. Just hope to pay less to gov in tax, I am now change another way to put money into the same pocket (gov). By limiting the withdrawal, the organization can have guaranteed money flow for their plans, projects, investments... Sound like another FD isn't it? But FD can take out one it is dued, what about this? |
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Dec 14 2012, 04:56 PM
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Senior Member
663 posts Joined: Oct 2008
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This is what I worry, besides withdrawal part which didn't state overseas education and age of withdrawal.
Quote:- As at Aug 31, 2012, RM7.83 billion disbursed to 1.14 million students was still uncollected, with the repayment rate standing at 49 percent. http://www.malaysiakini.com/news/214490 |
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Dec 18 2012, 11:44 AM
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Junior Member
248 posts Joined: Aug 2011
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You can only withdraw a very small percentage....
 QUOTE(joyride997 @ Dec 12 2012, 10:18 PM) so, i could have tax deduction for this year.. then withdraw next year 2013.... and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan.... on and on and on...... OK kah? doesn't sound logical ... Added on December 18, 2012, 11:45 amHi all, Got one question here. Is it a standard procedure that the bank will photocopy your IC when you open a new account? Thank you. This post has been edited by ay@m: Dec 18 2012, 11:45 AM |
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Dec 22 2012, 09:12 PM
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Junior Member
63 posts Joined: Jan 2011
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QUOTE(wongmunkeong @ Mar 22 2012, 08:07 PM) More realistic calculations below? If I'm not mistaken, the tax relief is from 2012 to 2017 only.[attachmentid=2751394] ZIP file with Excel attached for easy DIY. Please note: 1. Need AnalysisToolpack installed in Excel 2. Change the variables in the YELLOW cells 3. If U understand the formulas - U can change any other cells without fear |
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Dec 28 2012, 04:37 PM
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Senior Member
1,488 posts Joined: Oct 2004
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QUOTE(jasmine2001 @ Dec 22 2012, 09:12 PM) If I'm not mistaken, the tax relief is from 2012 to 2017 only. But it would be a reasonable expectation that the government would continue giving the relief, or more likely increase the relief in the future? |
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Dec 28 2012, 05:08 PM
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Senior Member
624 posts Joined: Jan 2003
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Few months back i actually asked them on the withdrawal. according to the PTPTN at KL Sentral, you can do it anytime but must leave at least RM100 unless you plan to close the account. and when you submit the withdrawal form it will take 3 months to process.
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Dec 28 2012, 09:14 PM
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Senior Member
605 posts Joined: Nov 2012
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I am targeting this SSPN for year 2013, but it seen like scary after reading this forum.
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Dec 30 2012, 07:02 PM
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Senior Member
2,548 posts Joined: May 2005
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QUOTE Pengeluaran hanya boleh dibuat selepas 1 tahun menyimpan. Terdapat 2 jenis pengeluaran iaitu:- 31/12/12 tomorrow...i. Pengeluaran sekali setahun pada kadar 10% daripada baki akaun atau RM500 mengikut mana yang terendah; atau ii. Pengeluaran 100% atau penutupan akaun SSPN sekiranya penerima manfaat memenuhi salah satu daripada kriteria berikut:- a. Diterima masuk ke IPT ; b. Terkeluar daripada sistem pendidikan secara sukarela atau diberhentikan atas sebab-sebab tertentu; c. Sakit berterusan yang tiada peluang untuk sembuh dengan pengesahan doktor perubatan Kerajaan; d. Keilatan kekal dengan pengesahan doktor perubatan Kerajaan; e. Kematian penerima manfaat; atau f. Kematian pendeposit. in a quandary..to open account or not... 2 major questions:- Appreciate help.. 1) wants to enjoy tax exemption...but not sure how to withdraw if none of above criteria for withdrawal is met... eg not likely to use ptpn loan..eg if go overseas study ? 2) max age of beneficiary is 28 yrs...say already graduate graduate from overseas, still contribute to fund for tax exemption, then apply for close a/c at beneficiary age 28 yrs..boleh ka? QUOTE(thj1999 @ Dec 7 2012, 10:07 AM) hi all, i have 2 kids, if i put in 6k for 1 kid and my spouse put in another 6k for 2nd kid, am i right both of us also can get tax relief of 6k since we file income tax separetly? does anyone know if both spouse on separate assessment can claim 6k each for different child? |
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Dec 30 2012, 07:31 PM
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Senior Member
624 posts Joined: Jan 2003
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http://www.ptptn.gov.my/web/guest/simpanan/pengeluaran
i will call up ptptn tomorrow, just to find out again |
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