Having SSPN allows you up to 3K of tax rebate. Is there any way a single (and without kids) like me can invest in it? In a way, a tax rebate for myself too.
Skim Simpanan Pendidikan Nasional (SSPN), can we invest in it without having kids?
Skim Simpanan Pendidikan Nasional (SSPN), can we invest in it without having kids?
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Apr 12 2012, 10:51 PM, updated 12y ago
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#1
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Senior Member
1,062 posts Joined: Oct 2008 |
Having SSPN allows you up to 3K of tax rebate. Is there any way a single (and without kids) like me can invest in it? In a way, a tax rebate for myself too.
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Apr 12 2012, 11:25 PM
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#2
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Senior Member
952 posts Joined: Feb 2011 |
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Apr 12 2012, 11:41 PM
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#3
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All Stars
19,594 posts Joined: Jan 2003 From: Kuala Lumpur |
SSPN RM3000 is Tax Relief, not Tax Rebate
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Apr 13 2012, 08:08 AM
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#4
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Elite
5,572 posts Joined: May 2011 From: Here, There, Everywhere |
QUOTE(coo|dude @ Apr 12 2012, 10:51 PM) Having SSPN allows you up to 3K of tax rebate. Is there any way a single (and without kids) like me can invest in it? In a way, a tax rebate for myself too. Based on their requirements to open a SSPN A/C?No, you can't open an account. You need at least 1 child must be yours by law, by guardianship, adoption, birth. Slight correction, like Ronnie stated, it's tax RELIEF not rebate. BIG difference if U know how to use a calculator Requirements to open a SSPN account with PTPTN http://www.ptptn.gov.my/web/english/savings/opening An SSPN account can be opened at the PTPTN service counter at One-Stop Centre, KL Sentral and all branches of PTPTN agents throughout the country. Documents required for this purpose are: i. Copy of MyKad / military card / police card of the applicant; ii. Copy of child's birth certificate / MyKid / MyKad; and iii. Testimonial / Certificate of Adoption (for parents intending to open an account for the adopted child under their legal custody) The minimum deposit amount for the purpose of opening an account and additional savings is RM20.00 for each nominated beneficiary account. Additional savings can be made as soon as the SSPN card is received or any other form of verification of membership in the National Education Savings Scheme. |
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Apr 13 2012, 09:20 AM
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#5
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Senior Member
663 posts Joined: Oct 2008 |
Based on personal experience, seriously, this SSPN needs major shake up. Highly unprofessional. Hardly any update on the status of investment amount. Where is the statement of total investment vs current value? Only gave you a card.
Recently after 4 months returned the cheque that I invested end of last yr. Seems like personal cheque unacceptable, only cash. Terms and conditional of withdrawal is unclear and subject to change any time. Call the office also they can't answer on the spot. Emails sent unreplied or bounced back like kena blocked. Recent news heard some parties want to scrap PTPTN. Wonder will affect SSPN. If not because of tax relief, will not invest a single cent to such fund. Seriously consider stopping all investment in the near future. |
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Apr 13 2012, 09:27 AM
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#6
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Senior Member
1,062 posts Joined: Oct 2008 |
Sorry, I understand that it's a tax relief. So really it is limited to only PTPTN funds and with kids. Sigh, I thought I saw post in LYN talking about investing in such similar scheme or something but I can't find those posts anymore.
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Apr 13 2012, 12:31 PM
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#7
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Junior Member
401 posts Joined: Sep 2010 |
QUOTE(coo|dude @ Apr 13 2012, 09:27 AM) Sorry, I understand that it's a tax relief. So really it is limited to only PTPTN funds and with kids. Sigh, I thought I saw post in LYN talking about investing in such similar scheme or something but I can't find those posts anymore. As I understand it's more of a savings fund for parents with returns that may not beat foreign-based education inflationary costs. It's future investment proceeds are meant for support of local courses, more likely. |
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Oct 23 2012, 04:09 PM
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#8
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Elite
5,572 posts Joined: May 2011 From: Here, There, Everywhere |
QUOTE(Bobby C @ Apr 13 2012, 09:20 AM) Based on personal experience, seriously, this SSPN needs major shake up. Highly unprofessional. Hardly any update on the status of investment amount. Where is the statement of total investment vs current value? Only gave you a card. er.. bro.. FYI - U can check your value anytime (other than server down lar) via: http://epay.ptptn.gov.my/saving/sspnlogin.htmlRecently after 4 months returned the cheque that I invested end of last yr. Seems like personal cheque unacceptable, only cash. Terms and conditional of withdrawal is unclear and subject to change any time. Call the office also they can't answer on the spot. Emails sent unreplied or bounced back like kena blocked. Recent news heard some parties want to scrap PTPTN. Wonder will affect SSPN. If not because of tax relief, will not invest a single cent to such fund. Seriously consider stopping all investment in the near future. I've been doing similar (last time, different URL) since 2008/2009. My bad if replying to a basi-post. Was looking for SSPN-related thread to share the belo w ------------------ Updates on tax relief: http://www.nbc.com.my/blog/faq-rm6000-tax-...cation-savings/ Snippet: As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017 This post has been edited by wongmunkeong: Oct 23 2012, 04:11 PM |
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Oct 23 2012, 07:14 PM
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#9
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Junior Member
227 posts Joined: Jan 2009 |
QUOTE(wongmunkeong @ Oct 23 2012, 04:09 PM) er.. bro.. FYI - U can check your value anytime (other than server down lar) via: http://epay.ptptn.gov.my/saving/sspnlogin.html If my wife has opened a SSPN account for my son, can i open another?I've been doing similar (last time, different URL) since 2008/2009. My bad if replying to a basi-post. Was looking for SSPN-related thread to share the belo w ------------------ Updates on tax relief: http://www.nbc.com.my/blog/faq-rm6000-tax-...cation-savings/ Snippet: As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017 Both of us is taxed separately. Please advice. Thanks |
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Oct 23 2012, 10:16 PM
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Elite
5,572 posts Joined: May 2011 From: Here, There, Everywhere |
QUOTE(umapathy @ Oct 23 2012, 07:14 PM) If my wife has opened a SSPN account for my son, can i open another? Yup - 1 parent 1 kid = 1 unique a/c, thus each parent, although for same child, = different a/cBoth of us is taxed separately. Please advice. Thanks Thus each parent separate tax relief (assuming as U mentioned, pay taxes separately lar). |
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Oct 24 2012, 11:38 AM
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Senior Member
4,436 posts Joined: Oct 2008 |
QUOTE(wongmunkeong @ Oct 23 2012, 04:09 PM) ------------------ WMK, Updates on tax relief: http://www.nbc.com.my/blog/faq-rm6000-tax-...cation-savings/ Snippet: As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017 Sure boh? I've just checked with SSPN website and it is still listed as RM3K relief. Don't lar be like that Al-Jib Gor fella, always say syiok sendiri stuff only, for example, in 2011 say got PRS RM 3K tax relief, until today apa pun tadak. Xuzen |
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Oct 24 2012, 11:43 AM
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Elite
5,572 posts Joined: May 2011 From: Here, There, Everywhere |
QUOTE(xuzen @ Oct 24 2012, 11:38 AM) WMK, yup - checkout the URL or screenshot belowSure boh? I've just checked with SSPN website and it is still listed as RM3K relief. Don't lar be like that Al-Jib Gor fella, always say syiok sendiri stuff only, for example, in 2011 say got PRS RM 3K tax relief, until today apa pun tadak. Xuzen http://www.ptptn.gov.my/web/english/savings/advantages PRS? hehe - i went ahead with the annuity first lor. Wait for PRS to be really available first then can consider lor $3K *26% = dont want to waste too much time on this amount This post has been edited by wongmunkeong: Oct 24 2012, 11:46 AM Attached thumbnail(s) |
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Nov 17 2012, 11:00 PM
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Senior Member
2,203 posts Joined: Jul 2007 |
so anyone plan to max out SSPN tax relief to 6k this year? still contemplating whether i should top up another 3k to max 6k....
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Nov 17 2012, 11:45 PM
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Elite
5,572 posts Joined: May 2011 From: Here, There, Everywhere |
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Nov 18 2012, 02:36 AM
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Senior Member
8,251 posts Joined: Sep 2009 |
So you guys targeting Hwang or Cimb for the PRS?
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Dec 5 2012, 01:17 PM
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All Stars
19,594 posts Joined: Jan 2003 From: Kuala Lumpur |
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Dec 5 2012, 04:09 PM
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Junior Member
200 posts Joined: Jul 2008 From: Selangor |
Today I cannot. I thought I forgot my password..
Also cannot reset pwd using the link. |
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Apr 21 2013, 05:45 PM
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Junior Member
233 posts Joined: Oct 2011 |
hi i can open an account for my younger brother right (immediate family member)? coz i dont have my own children. and he's still in primary school.
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Apr 21 2013, 05:55 PM
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Senior Member
1,264 posts Joined: Apr 2011 |
if kid is 1 yr can invest in it?
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Apr 21 2013, 05:56 PM
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All Stars
10,604 posts Joined: Jan 2003 From: Sarawak |
i wanna ask, if now i need to repay ptptn, can i put money inside SSPN to use it as tax relief?
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