I would like to know also, missed this when I was doing the 6k top-up this year. Can use cards like AEON Watami to get additional 3% cashback just from these transactions.

Can, but then you won't be able to claim 2016 tax relief unless you put in 12k.

Best way to 'play' is probably to put 6k per year for a few years until its sizable amount (let's say you go for 5 years), then withdraw one short in the 6th year. 7th year start putting 6k again. This will result in much better interest rate (just put the withdrawn amount in some investment or long-term FD) IMO compared to every year just add and add.

Everything I can find to read indicates that the calculation is simply increase within past calendar year, so shouldn't be a problem. Bigger issue is whether need to maintain a minimum amount, and over counter I was told no problem to withdraw (just that it takes time only).

I like this idea. After a while no more limit on CC to play though =p have to max out all the CC.

I think it's your misunderstanding. SSPN tax incentive is only for accounts opened for your children/grandchildren/ward. This has always been the case.

Oh no, that's bad news!

I think obvious answer leh?

Confirm no place can do credit card deposit anymore right?

Sounds good. Maybe I should drop by. Wanting to do my full 6k sometime soon.

Any way to check SSPN current amount online?

Taxes are paid on income, so withdrawing from investment accounts you should only pay tax on your profit, not on the capital. However I believe currently savings of up to RM250k the profit is not taxed, so for most not-so-rich people don't worry about any taxes from savings accounts/FD interest.

Howevr, if you do unit trust etc. then the profits confirm taxed. But this isn't the place to discuss that. tl;dr the tax exemption is just you can consider yourself earning X amount less this year, no long term effect.

LHDN. I recommend the malay language version if you're comfortable with it, it's more accurate.

Anyone tried withdrawal before? About how long did it take?

I always used https://epay.ptptn.gov.my/saving/sspnlogin.html

Got, you just add 6k a year for a few years. After 4 years you have 24k + interest, you withdraw all, so that year you don't get rebate. Then the next year you start another 6k.

You skip one year of rebate, gain back liquidity. Since 4% isn't too bad I think just leave there better.

Yes. So don't bother putting in 6k in 2nd year. Either put 12k or don't put in.

Apasal bring up Najib... savings is a good thing, whether its savings in account under your name or tax savings. Ini pun nak komplen?

Diversification is key. It's better or matching FD rates. Unless you believe you should put all your eggs in the high risk high reward basket. Of course it's also stupid to put all your funds in SSPN, but this is only 6k a year.


Can, but the amount you put back must be 6k more than what the amount was on Jan 1st.

So if you do the following:-

Dec 31 2012 - Deposit 6k (qualify for tax deduction 2012)
Jan 1 2013 - withdraw 6k (takes a few weeks though)
Dec 31 2013 - Deposit 12k (qualify 6k for tax deduction 2013)
Jan 1 2014 - withdraw 12k
Dec 31 2014 - Deposit 18k ..... etc.

Then you get the tax rebate, and the only loss to you is the lost interest of a few weeks of processing for withdrawal.

3k per year will grow. When its only 3k easy to say 'don't spend the time', but if you do this every year, after 10 years you got 30k inside there you really want to leave?

If it's <10% of my savings then I won't bother, but for those where it's significant, better to take out.

If you're highest bracket (or close to) tax savings is by itself 20+% so definitely better than any 10% return. Unless you think you're going to leave the money in SSPN for 10 years.

At that point you need to understand about diversification. If I have guaranteed 10% per annum for 10 years of course I'll go for that. Good luck finding that instrument (even ASNB don't have that performance, and anything above that is very high risk/high reward).