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 SSPN, Skim Simpanan Pendidikan Nasional

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soules83
post Jul 8 2019, 07:50 PM

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QUOTE(CardNoob @ Jul 8 2019, 07:31 PM)
You should be put BI as well:

CC --> Bigpay --> Boost --> SSPN ---> BI ---> CC ---> BP ... infinite loop
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what is BI?
soules83
post Jul 8 2019, 07:53 PM

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QUOTE(T231H @ Jul 8 2019, 02:26 AM)
previously mentioned by forummers....
this in on Dec and out in Jan....is useful and effective in maximising ROI with available money.

take it out to invest in anything that can generate >4% pa.....then returns that money (taken out in Jan) in the end of year....+ RM 8k to be eligible for tax relief again....

just RM8k fresh fund yearly is needed, thus unless the money taken out in Jan had been spend on something else, i think this RM8k is not going to create problem, even thought the money taken out in Jan is large.

just return in Dec the money taken out in Jan + RM8k, .......gain tax relief and the gain from that money used for other venture from Jan till Dec
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just curious how sspn-i interest rate of 4.xx% is given? Was it on monthly...or how it was calculated? Let said if I put money in on Dec and Jan I will get 4% interest for 12months or just 1 months interest?

This post has been edited by soules83: Jul 8 2019, 07:54 PM
soules83
post Jul 8 2019, 08:01 PM

Hohoho I dunno
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QUOTE(Kcee @ Jul 8 2019, 07:55 PM)
Nope, I don't think you can make an infinite loop. It's always a 10k limit monthly for CC --> BP.
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2000 big point is huge, just in 3 months u can get a free flight ticket..

This post has been edited by soules83: Jul 8 2019, 08:02 PM
soules83
post Jul 8 2019, 08:02 PM

Hohoho I dunno
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QUOTE(CardNoob @ Jul 8 2019, 08:01 PM)
I don't need RM 10k per month at all!
RM 8k tax relief is for the whole year.
I just need to accomplish my annual mission for tax relief.
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rm8k relief is nice, but the sspn-i interest rate of 4.xx% = 4.xx/12 months? which means it depends on how long you put the fresh cash in the account?
soules83
post Jul 8 2019, 08:08 PM

Hohoho I dunno
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QUOTE(CardNoob @ Jul 8 2019, 08:04 PM)
As I said I'm not aiming for other better investment at all.
The sole purpose is just to achieve RM 8k per year.
I can do it in December and withdraw in January of the following year.
Repeat the process as long as the system captures the net deposit of the year as RM 8k per assessment year.
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if not mistaken...the 8k rebate works this way.

Year SSPN Deposit Tax relief
2019 8k 8k
2020 16k 8k
2021 -8k 0k (if you declare 8k, the tax guy will come after you)
soules83
post Jul 8 2019, 08:16 PM

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QUOTE(CardNoob @ Jul 8 2019, 08:11 PM)
Still more than enough if I need RM 8k per year.

I don't need RM 10k per month for BP to achieve above right?
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not sure you got the point or not.

In conclusion, your sspn account need to have incremental of 8k if you want to have rebate on next year. You cannot withdraw and declare income tax of 8k relief. The tax guy will check your sspn account.
soules83
post Jul 8 2019, 08:33 PM

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QUOTE(CardNoob @ Jul 8 2019, 08:18 PM)
I can forgo one year with RM 0 deposit.
The following year I deposit RM 8k.

Isn't this fulfill too right?

Year 1: RM 8k
Year 2: RM 0k
Year 3: RM 8k
Year 4: RM 0k
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Year 1: RM 8k
Year 1: Tax relief :0
Year 1: total cash in SSPN account: RM8k
Year 2: RM 0k
Year 2: Tax relief : R8k
Year 2: total cash in SSPN account: RM8k
Year 3: RM 8k
Year 3: Tax relief : 0
Year 3: total cash in SSPN account: RM16k
Year 4: RM 0k
Year 3: Tax relief : RM8k
Year 3: total cash in SSPN account: RM16k
soules83
post Jul 8 2019, 09:37 PM

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QUOTE(CardNoob @ Jul 8 2019, 08:35 PM)
You work with LHDN or PTPTN?
Why are you picking on this?

No deposit sure won't claim for tax relief.
I don't get love letter invitation to drink coffee at LHDN office.
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Got friend work in LHDN....so I got this info from him. But if you don;t believe me...please continue, everyone also got the chance kena "lottery letter" as now they implemented AI system to check everyone account "especially those which are recorded in systems" That time you will have even more problem paying the penalty....things like receipt still can lari(can go buy or get receipt from other ppl) but for SSPN-I...everything is in the system...

Anyhow, feel free to do anything. My advise stop here.

This post has been edited by soules83: Jul 8 2019, 09:41 PM
soules83
post Jul 8 2019, 09:40 PM

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QUOTE(MUM @ Jul 8 2019, 08:43 PM)
I may have mistaken your actual example intention ....my take is....

IF,....
Year 1: RM 8k deposit
Year 1: Tax relief :RM 8k to claim in April next year
Year 1 end: total cash in SSPN account: RM8k

Year 2: RM 0k deposit
Year 2: Tax relief : 0 to claim in April next year
Year 2 end: total cash in SSPN account: RM8k

Year 3: RM 8k deposit
Year 3: Tax relief : RM8k to claim in April next year
Year 3 end: total cash in SSPN account: RM16k

Year 4: RM 0k deposit,
Year 4: Tax relief : 0 to claim in April next year
Year 4 end: total cash in SSPN account: RM16k
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Yes. You are right.
soules83
post Jul 9 2019, 09:51 AM

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QUOTE(talexeh @ Jul 9 2019, 09:40 AM)
Yes, the dividend is pro-rated.
You definitely haven't make any deposit into SSPN-i before so not sure why you're here dictating how CardNoob should make his deposit / withdrawal. FYI, PTPTN will automatically populate your SSPN tax relief field in the tax form so if you're eligible, you'll see the number appears there when you're declaring your tax.
Are you asking how is the SSPN-i Plus works or are you asking if it's worth it? Not sure what your questions are.
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sorry to disappoint you, I been topup sspn longer than you might thought. the income tax population only works if you done it before. The autofill up is auto populated based on your previous income tax record.

I had one friend did wrong tax reporting last year and got letter from LHDN. The reason is he use the LDHN auto populate without properly checking his record, lucky he repay the tax during the low tax penalty period.

This post has been edited by soules83: Jul 9 2019, 09:54 AM
soules83
post Jul 9 2019, 09:56 AM

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QUOTE(talexeh @ Jul 9 2019, 09:54 AM)
I stand corrected though I still find it suspicious that you're asking about how the dividend works. rolleyes.gif

And no, the SSPN field is automatically populated even for new SSPN depositors. My wife is a new contributor & her tax form has SSPN field readily filled up when she opened up her form April this year.
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Eh come on, do you think I go and backtrace all my sspn dividend? I just take SSPN as education account for my kids to force myself to save. Dividend is just secondary which I didn't even bother to check.

last time when me and my wife fill up for the first time, sspn column is not auto filled. Maybe your time already have the system in place.

This post has been edited by soules83: Jul 9 2019, 09:57 AM
soules83
post Jul 9 2019, 10:07 AM

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QUOTE(wongmunkeong @ Jul 9 2019, 10:06 AM)
er.. i think there's a miscommunication:
a. Talexeh (pls correct me if i misassumed) is talking about PTPTN "SSPN's tax document" which tells the account owner/us, how much tax relief we can file
VS
b. U are talking about LHDN's online tax preparation/submission which autofills based on previous data
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then I also confused by him. I didn't go and check on the Talexeh, so far I only look at LHDN online form..

 

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