QUOTE(firee818 @ Dec 6 2019, 09:29 AM)
Hi, Good Morning to all of you,
Due to misleading information, last Year (Year 2018) I had contributed a total of RM12000 into my two children SSPN-i account (each account with RM 6000 each), but only can deduct tax for RM 6000 only.
I was wondering whether I can withdraw that extra RM 6000 (because of non tax deductible in Year 2018) and bank-in again to my children account this year so that I can enjoy that tax deductible amount of RM 6000 in Year 2019?
Short answer: cannot.
Long answer: SSPN tax deductible is annual, once the year is past its 'forgotten'. So for 2019 claim its very simple:-
Start the year with X ringgit in your account
Earned Y ringgit dividend (not taken into account when calculating tax deductible)
End the year with Z ringgit in your account
Your tax deductible is Z - (X + Y)
So if you withdraw the 6k, you're affecting Z (but X not affected).