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SSPN, Skim Simpanan Pendidikan Nasional
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Level 60 Wizard
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 Sep 13 2019, 01:54 PM
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Not sure if this was asked, but let's say last year i bank in RM6k for my 1 child.
Then this year i plan to do so at RM8k since that's the max.
By next year 2020, i would have rm14k in my children's account.
May i know if i can withdraw out all Rm14k in maybe 1st half of 2020?
then by end of 2020 only i bank in between RM6k-8k.
Am i still entitled for the tax refund up to rm6k-8k?
This post has been edited by Level 60 Wizard: Sep 13 2019, 01:55 PM
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Level 60 Wizard
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Sep 13 2019, 03:24 PM
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QUOTE(swn525 @ Sep 13 2019, 02:49 PM) 2019 opening 6k closing 14k closing - opening = 8k YES, you can enjoy the tax relief 2020, you can withdrawm but still calculate the year opening & closing opening 14k withdraw 8k deposit 8k closing still is 14k closing - opening = 0 NO, you cannot enjoy tax relief Thank you sir! for the explanation. That means if i can sacrifice 1 yr by removing all money inside, to have opening as zero..so that by the following year, if i bank in 8k, then i will have 8k tax relief right? |
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Level 60 Wizard
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Sep 13 2019, 03:33 PM
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QUOTE(saitong09 @ Sep 13 2019, 03:30 PM) If you deposit 8k the following year without withdraw within the year, then you will entitle. Noted. but i cannot afford to continuously bank in rm8k without withdrawing..after 10 yrs it's gonna be rm80k kept inside unable to be used. |
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Level 60 Wizard
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Sep 13 2019, 03:51 PM
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QUOTE(saitong09 @ Sep 13 2019, 03:48 PM) Maybe Every 3 years sacrify 1 year withdraw all and don't claim tax lo  good idea. Thanks alot bro! at least now i know how it works my initial thought was we cant witdraw once banked, haha. |
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Level 60 Wizard
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Sep 13 2019, 04:01 PM
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QUOTE(saitong09 @ Sep 13 2019, 03:59 PM) Previously maybe few years back you cannot withdraw, so enjoy now before tnc change again. oh tat's scary i hope they have a grace period before new rules being implemented would be sad if after bank in rm8k x 3 yrs..then only to find out on 4th year cant withdraw |
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Level 60 Wizard
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Sep 17 2019, 08:57 AM
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QUOTE(jefftan4888 @ Sep 14 2019, 10:49 AM) I thought this is for your child's future?  yes but at 6%, its not really high for my child's future i am doing it for tax purpose for his future, i have other investment already, and he's not even 1 yrs old already have 20k in that account.. so i cant keep multiple accounts for him, especially i am not that rich  |
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Level 60 Wizard
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Sep 17 2019, 08:58 AM
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QUOTE(mikeeeee @ Sep 14 2019, 01:14 PM) Ya that's the best hehe, on top of all that,u get about 4% interest  what? SSPN not 6%?  |
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Level 60 Wizard
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Sep 17 2019, 09:15 AM
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QUOTE(MUM @ Sep 17 2019, 09:07 AM) i see now. thank you sir! |
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Level 60 Wizard
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Sep 17 2019, 10:25 AM
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QUOTE(MGM @ Sep 17 2019, 10:11 AM) Unless your tax bracket is high, SSPN-i is not a good long-term vehicle purely for returns purpose. If your bracket is 25%, putting rm8000(tax rebate rm2000) for 18 years gives a return of 5.7%/year, assuming SSPN gives 4%. Similarly for tax bracket of 14%, returns is only 4.9%. CMIIAW. the tax rebate through SSPN is one of my method since it is available dont see why i should ignore this if it's given out to rakyat |
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Level 60 Wizard
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Sep 19 2019, 11:03 AM
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QUOTE(LostAndFound @ Sep 19 2019, 10:17 AM) 4% isn't very high returns, but it's quite stable (unless something really bad happens). Can't put all your money in high risk ventures, right? Treat SSPN is FD-equivalent, not bad vehicle to leave it in. totally bro. i have multiple FD accounts on different bank and every 12 or 15mths once matured, i will move them depending on which one's highest. in fact SChart jst offered me a 4.7% but its for 6 mths. so i dont put all of them together permanently in a single one account/investment |
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