So sad. Does anyone know when will this be confirmed? Looks like will have to withdraw wife's SSPN balance once dividend for 2024 is declared.

Since now that only 1 parent can claim the SSPN tax relief YA2025 onwards, don't see any need to maintain my wife's SSPN savings since we only have 1 child.

Plan to withdraw after the dividend announcement which hopefully will be soon. Wondering will we still get dividend for the savings that was kept from Jan to Mar/Apr 2025?

This post has been edited by wira1979: Apr 8 2025, 12:21 PM

Thanks. Good to know that we're still entitled to the prorated dividend.

Will be interesting to know the amount of SSPN withdrawals since the tax relief change announcement.

Yeah. As noted above, the only major change I can see is the limitation of RM8K tax deduction per couple. Better to withdraw the SSPN investment of the parent with the lower tax bracket and put into something higher yielding.

This would be consistent with was being reported back in Dec 2024, i.e. PTPTN expects to declare a dividend higher than the previous year.

Personally, don't think it'll hit 4.0% so probably looking at around 3.8% to 3.9%.

I think this will still be worth it to do if husband and wife having 25% and 26% tax bracket, respectively. Anything beyond that not worth it based on my cincai maths.

My wife withdrew everything from her account recently and the officer didn't say anything (Amcorp Mall branch). Maybe this will only apply if you have joint assessment?

My take is that LHDN is not savvy enough to be able to monitor both husband and wife's account to be able to link the SSPN withdrawals/deposits. Just like how you can claim 100% child allowances on both wife and husbands' names if assessed separately (not that I do). I've been fiddling around with my tax account and it's a shame that you can't see in real time the amount of SSPN deduction you can take for the year.

Looks like I'll just take the plunge and do the full withdrawal and alternative year top-up between husband/wife accounts and see what happens.

Shhhhhhhh .... don't give them any ideas. Let us exploit this potential loophole while we still can.

I meant that in jest of course. Just that I've wondered why they ask for spouse details if they're not going to cross-link the assessments i.e. if you claim on one side, it automatically blocks the other. Or maybe they allow it so that they can catch you being naughty.

Either way, as long as the SSPN tax benefit is taken based on net deposit as at end of the year, there's not going to be any incentive for people to keep their money in it.

I believe it's linked by account name which in-turn is linked to the parents' individual IC's. So likely need to change accounts to be under your IC.

I assume that you have a higher income tax bracket than your wife, hence why you plan to do this.

The following year you withdraw everything from your account and put RM8K into wife's account. Repeat the alternate withdrawing and depositing until they change the law.