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 SSPN, Skim Simpanan Pendidikan Nasional

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wongmunkeong
post Mar 8 2012, 01:33 PM

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QUOTE(Denis @ Jan 3 2012, 01:44 PM)
SSPN is only worth to invest if the total return is over 6%. i.e. the return surpass the EPF dividend rate.
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A blanket statement that it's only worthwhile if >6%?
Well, it depends on one's goals/reasons to use SSPN too mar right?
If U compared head to head with EPF, might as well compared head to head with bond funds or even equity funds. What about REITs & Properties?

Personally, i'm just doing it as an asset-subclass diversification (with tax relief) + a choice to tap PTPTN for my daughter's education loan IF needed.


This post has been edited by wongmunkeong: Mar 8 2012, 01:35 PM
wongmunkeong
post Mar 22 2012, 08:07 PM

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QUOTE(aeiou228 @ Mar 22 2012, 07:38 PM)
Pls take note that the tax relief is based on ANNUAL INCREAMENTAL DEPOSIT. Ie the net fresh deposit for this year total deposits/withdrawals minus last year total deposits/withdrawals.
If year 2000 opened new account and placed deposit rm3000 and no more fresh deposit thereafter till now, then only year assessment 2000 can claim rm3000 relief. Year 2011 can not claim any tax relief.
If want to claim 2011 tax relief, one must deposit fresh fund in 2011 but only the fresh fund is entitle to tax relief.

Added on March 22, 2012, 7:39 pmThis calculation is incorrect.
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More realistic calculations below?
Attached Image

ZIP file with Excel attached for easy DIY.
Please note:
1. Need AnalysisToolpack installed in Excel
2. Change the variables in the YELLOW cells
3. If U understand the formulas - U can change any other cells without fear



Attached File(s)
Attached File  SSPN_returns.zip ( 6.6k ) Number of downloads: 2395
wongmunkeong
post Mar 23 2012, 03:23 PM

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QUOTE(aeiou228 @ Mar 23 2012, 02:04 PM)
Nice work mungkeong,

26 % is the minority group. Can you take the majority average income group at 12% tax bracket and calculate the effective yield per annum over 18 years ? Assuming starting deposit is 1000 and annual incremental deposit is rm1000, dividend at 3.5%pa.
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Bro - lazy lar i. The ZIPped Excel file already attached for fellow forumers to download and play with the % and other variables pertaining to their own specific "environmental configuration" to see the results %pa compounded tongue.gif... yes yes i'm an IT fler.
wongmunkeong
post Mar 23 2012, 05:32 PM

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QUOTE(aeiou228 @ Mar 23 2012, 04:57 PM)
I tried but I can't get the 18 years annual confounded yield.
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er.. i think in yr Excel, U must add/activate the "AnalysisToolpack"
Note - analysis toolpack comes with Excel for free UNLESS U are using the watered down free-edition that comes with yr PC.
The home & student version pun ada "Analysis Toolpack"

Aiya - since i opened & checked the Excel, done and snapshot below tongue.gif
Attached Image
wongmunkeong
post Nov 20 2012, 09:32 PM

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QUOTE(w19 @ Nov 20 2012, 09:14 PM)
LATEST INFO FROM PTPTN CUSTOMER SERVICE FOR SSPN FUND 2012!

*WITHDRAW ANYTIME!

*MIN FUND IN THE ACC IS RM20!

*RM6000.00 FOR TAX RELIEF!
*
Can share the link/URL?
I want to check on the impact on tax relief
eg.
Year 1 Put in $6K, get tax relief
Year 2 Put in $6K, get tax relief
Year 3 withdraw $12K
Year 4 do nothing
Year 5 Put in $6K, can get tax relief on $6K?
wongmunkeong
post Nov 22 2012, 08:40 PM

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QUOTE(w19 @ Nov 22 2012, 07:56 PM)
Please call customer service to check!
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Oh.. they cakap je lar. Nothing in writing / website.
Ok thanks
wongmunkeong
post Mar 10 2013, 07:29 PM

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QUOTE(popice2u @ Mar 10 2013, 06:34 PM)
anyone can confirm...3k or 6k rclxub.gif
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$6K for SSPN 2011 tax relief (i just filed online).
PS: Corrections 2012 hehe - thanks poolcarpet

This post has been edited by wongmunkeong: Mar 10 2013, 10:57 PM
wongmunkeong
post Mar 10 2013, 09:12 PM

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QUOTE(poolcarpet @ Mar 10 2013, 07:39 PM)
you do mean 2012 tax relief right? not 2011.... ?
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whoops heheh - siaran tergendala, now is 2013, not 2012.
Yup, starts 2012 $6K tax relief notworthy.gif
wongmunkeong
post Mar 12 2013, 10:22 AM

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Their IT & IS people OR their accounting ppl shd be shot for such "reporting". Show then remove doh.gif
wongmunkeong
post Mar 19 2013, 03:53 PM

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QUOTE(poolcarpet @ Mar 19 2013, 03:47 PM)
SSPN-i statement is available again! Quick check/print and keep a copy smile.gif
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yeah, it's up but still no "interest" stated cry.gif
wongmunkeong
post May 4 2014, 10:13 AM

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QUOTE(Kaka23 @ May 3 2014, 11:01 PM)
Can open an account first but not putting any money inside yet?
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minimum $20 cash when opening account (that's what i remembered coz i brought a cheque - not accepted tongue.gif).
after that, do online transfer via MBB2U smile.gif
wongmunkeong
post May 4 2014, 01:11 PM

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QUOTE(Kaka23 @ May 4 2014, 11:16 AM)
Ok..  Let me go try my luck.

Then will decide how much to put towards end of the year..
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bwhaahha - that's EXACTLY what i did.
Put in $20, then Dec only see how much to lower my tax tongue.gif
wongmunkeong
post Oct 10 2014, 10:31 AM

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QUOTE(PJusa @ Oct 10 2014, 09:13 AM)
quick question: for the 6k tax deductable do i also factor in interest paid for 2014, i.e. deposit only 6,000 RM less interest (i.e. 600 RM) = 5,400 RM or can I only deduct 5,400 RM then from my taxes?
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wow.. complicated..
If U do tax online - U just put in 6,000 in the SSPN box
If U do manually - it's the same.
It's just tax relief.

If U prefer to write 5,400, U can do so
and get less tax relief for just 5,400
instead of 6,000
The Gov will thank U (feel fuzzy warm feeling in yr heart) laugh.gif
wongmunkeong
post Oct 14 2014, 09:41 AM

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QUOTE(kochin @ Oct 14 2014, 09:22 AM)
http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1

what is item 10 for?
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10 Tabungan bersih dalam skim SSPN 3,000 (Terhad)

11 Tabungan bersih dalam skim SSPN (berkuatkuasa Tahun Taksiran 2012 - 2017) 6,000 (Terhad)

Item 10 was "over written" by 11 for 2012 to 2017 filing
Before 2012, max tax relief for SSPN was just up to RM3,000
ie. if i withdrew $2000 from SSPN in Jan 2011, then pumped back in $5,000 in Dec 2011, i'm eligible for tax relief on $3,000 (-2000+5000)
wongmunkeong
post Oct 14 2014, 12:02 PM

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QUOTE(techie.opinion @ Oct 12 2014, 11:51 AM)
Let say this we hit the saving and claim with LHDN max, how about next year? Do we still allow to claim further if we still keep saving in PTPN?
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I was WRONG (yes - i do admit mistakes brows.gif)

Please refer to MGM's old post & screenshot
https://forum.lowyat.net/topic/1819492/+182

Apparently total savings per year = cold hard cash injected +dividends for the year!
eg. 2013 cold hard cash inject + dividends for 2013

Going to go check out the statement online smile.gif

Thanks MGM! notworthy.gif

Updated:
Yup.. dang.. now to optimize this year.. inject only $5K+ sweat.gif
Attached Image

This post has been edited by wongmunkeong: Oct 14 2014, 12:13 PM
wongmunkeong
post Oct 14 2014, 04:11 PM

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QUOTE(ck_100 @ Oct 14 2014, 03:07 PM)
Hi all, some questions to ask, I have two SSPN account as got 2 kids. I noticed the interest % payout are not the same, details as below. Pls some one help to enlighten me. Thx.

Acc 1:
Baki awal pada 1/1/2014                                          : 500
simpanan/pengeluaran bersih sehinngga oktober 2014: 21.25
baki simpanan pada oktober 2014                              : 521.25
bakie keseluruhan simpanan sehingga oktober 2014    : 521.25

The interest payout for Acc 1 is 21.25/500*100 = 4.25%

Acc 2:
Baki awal pada 1/1/2014                                          : 12,127.5
simpanan/pengeluaran bersih sehinngga oktober 2014: 260.42
baki simpanan pada oktober 2014                              : 12,387.92
bakie keseluruhan simpanan sehingga oktober 2014    : 12,387.92

The interest payout for Acc 2 is 260.42/12,127.5*100 = 2.14%

I'm surprise to notice that why there is such a huge discrepancy in interest % payout?
*
There's something weird with your data.. 2014?

Go:
http://epay.ptptn.gov.my/saving/sspnlogin.html

See:
Attached Image

Click on them buttons.

IF U do not see such stuff.. U just started SSPN contribution this year izzit? doh.gif
wongmunkeong
post Oct 14 2014, 08:02 PM

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QUOTE(ck_100 @ Oct 14 2014, 05:16 PM)
HI thx for info, I started the SSPN since 2 years ago. Now I'm able to get the details breakdown as you, the reason behind is, I just click on Acc Number instead of the Button at the last column. Thx.

btw, if you click on Acc number only, then you can see the latest statement. pls check it out. thx.
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ah.. that - i havent bothered looking at that since i was doing SSPN for tax relief only sweat.gif
and only had 1 account until recently laugh.gif

took a peek now - wow.. my 1st a/c 4%+ now itself but the 2nd a/c is like 0.3%+ (no typo error, 21.25 / 6,000)
must be some tiered thing or programming issues.
check back next year on the tax relief borang for hard-data blush.gif
wongmunkeong
post Dec 18 2014, 09:02 AM

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QUOTE(Kaka23 @ Dec 16 2014, 05:28 PM)
Final call... Anyone going to invest for tax relief purpose for 2014?
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eh - SSPN investment ka?
more like for tax relief with FD rate + chance to get education loan for child next time tongue.gif

yes - me, around Christmas heheh (last LAST minute) sweat.gif
wongmunkeong
post Jan 22 2015, 11:05 AM

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FYI - got my Penyata for 2014 tax filing online already
U may want to try. Note - the web server is a bit iffy on/off crashes
https://epay.ptptn.gov.my/saving/sspnlogin.html
wongmunkeong
post Jan 22 2015, 03:44 PM

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QUOTE(kykit @ Jan 22 2015, 02:53 PM)
thx 4 da info.  how much effective tax savings we shd expect bro
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huh? SSPN tax relief is up to RM6K per annum
thus if your tax bracket is 26%, that's $6K *26% = $1560

Now the fun part...
I put in another $5.5K only BUT i've $6K tax relief
DUE TO the interest re-invested
which is counted as "additional invested for the year"

heheh - U do the maths for that tongue.gif
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