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 SSPN-i Plus, New Product by PTPTN

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MUM
post Mar 1 2019, 02:43 PM

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QUOTE(WaCKy-Angel @ Mar 1 2019, 02:23 PM)
1. I saw previous posts saying if deposit end of the year and withdraw early of next year eligible for tax relief, is it still the same now?
see post 1202, page 61?

https://forum.lowyat.net/topic/1819492/+1200
2. Anywhere i can see previous years interest given out?
Historical SSPN-i dividend payout rate is as below:

http://voyager8.blogspot.com/2018/02/ptptn...d-for-sspn.html
3. I saw above mentioned SSPN-i comes with insurance, is it a must? or any way NOT to get it?
see the differences....
https://financemalaysia.blogspot.com/2018/0...sspn-i-and.html
4. Anywhere i can compare differences between SSPN vs SSPN-i (if still available) ?
cannot confirm, but looks like they added i (for internet) and obsolete the non i type
*
some FAQs...
Saya telah mempunyai akaun SSPN-i, adakah saya boleh membuka akaun SSPN-i Plus?
Boleh. Pendeposit yang telah mempunyai akaun SSPN-i boleh membuka akaun SSPN-i Plus tanpa perlu menutup akaun SSPN-i.

https://www.ptptn.gov.my/faq-simpanan-side/faq-sspn-i-plus


This post has been edited by MUM: Mar 1 2019, 02:45 PM
WaCKy-Angel
post Mar 1 2019, 03:12 PM

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QUOTE(MUM @ Mar 1 2019, 02:43 PM)
some FAQs...
Saya telah mempunyai akaun SSPN-i, adakah saya boleh membuka akaun SSPN-i Plus?
Boleh. Pendeposit yang telah mempunyai akaun SSPN-i boleh membuka akaun SSPN-i Plus tanpa perlu menutup akaun SSPN-i.

https://www.ptptn.gov.my/faq-simpanan-side/faq-sspn-i-plus
*
Thx clear now.

Few more questions..
1. Saw earlier some said new account now can only make withdrawal after 1 or 3 years, and also limit 1 withdrawal per year, can confirm? https://www.ptptn.gov.my/pengeluaran-penutu...aun-sspn-i-side did not mentioned about it.

2. Tax relief up to 8K/year meaning how much do i need to deposit a year? Deposit 8K get 8K tax relief? https://www.ptptn.gov.my/pelepasan-taksiran...kai-sspn-i-side did not mentioned about it.
SUSDavid83
post Mar 1 2019, 03:15 PM

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QUOTE(WaCKy-Angel @ Mar 1 2019, 03:12 PM)
Thx clear now.

Few more questions..
1. Saw earlier some said new account now can only make withdrawal after 1 or 3 years, and also limit 1 withdrawal per year, can confirm? https://www.ptptn.gov.my/pengeluaran-penutu...aun-sspn-i-side did not mentioned about it.

2. Tax relief up to 8K/year meaning how much do i need to deposit a year? Deposit 8K get 8K tax relief? https://www.ptptn.gov.my/pelepasan-taksiran...kai-sspn-i-side did not mentioned about it.
*
You deposit 8k to reduce your taxable income by 8k.
How much tax is being saved depends on which tax bracket are you in.

The tax relief is based on nett deposit of the assessment year.

This post has been edited by David83: Mar 1 2019, 03:17 PM
WaCKy-Angel
post Mar 1 2019, 03:23 PM

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QUOTE(David83 @ Mar 1 2019, 03:15 PM)
You deposit 8k to reduce your taxable income by 8k.
How much tax is being saved depends on which tax bracket are you in.

The tax relief is based on nett deposit of the assessment year.
*
Can draft a simple example?

This tax relief should be file under which section? probably that will be clearer to me.
SUSDavid83
post Mar 1 2019, 03:29 PM

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QUOTE(WaCKy-Angel @ Mar 1 2019, 03:23 PM)
Can draft a simple example?

This tax relief should be file under which section? probably that will be clearer to me.
*
Under PELEPASAN
Tabungan bersih dalam Skim Simpanan Pendidikan Nasional

Let's your taxable income is RM 100k, your tax rate is 21% and payable tax is RM 10,900
If you contribute RM 6k in 2018, your taxable income is reduced to RM 94k, your taxable income becomes RM 9,640
Tax saving is RM 1,260

This post has been edited by David83: Mar 1 2019, 03:30 PM
tinyisland
post Mar 2 2019, 09:20 PM

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I think right now SSPN is linked to Income Tax. It will auto-fill up the tax relief $ under SSPN column. No more manual fill in.
Kaka23
post Mar 5 2019, 09:56 AM

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Is there still tax exemption of 6K by deposit SSPN for 2019? Meaning claim income tax in 2020..
MUM
post Mar 5 2019, 09:59 AM

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QUOTE(Kaka23 @ Mar 5 2019, 09:56 AM)
Is there still tax exemption of 6K by deposit SSPN for 2019? Meaning claim income tax in 2020..
*
From 2019, the Government has increased the tax relief amount for SSPN deposits by parents from RM6,000 to RM8,000 a year.
This is an additional RM2,000 that you can get back from the Government to offset your annual income tax from previous years, making it an extremely lucrative savings plan (provided your annual income tax is high enough to claim the full amount!)

https://ringgitplus.com/en/blog/Duit-The-Ea...Incentives.html
Kaka23
post Mar 5 2019, 11:12 AM

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QUOTE(MUM @ Mar 5 2019, 09:59 AM)
From 2019, the Government has increased the tax relief amount for SSPN deposits by parents from RM6,000 to RM8,000 a year.
This is an additional RM2,000 that you can get back from the Government to offset your annual income tax from previous years, making it an extremely lucrative savings plan (provided your annual income tax is high enough to claim the full amount!)

https://ringgitplus.com/en/blog/Duit-The-Ea...Incentives.html
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Thanks bro.. appreciate your information

Need to start saving now! biggrin.gif
MGM
post Mar 5 2019, 03:33 PM

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So PTPTN has already announced the dividend of SSPN-i for 2018 on 29Jan2019. Am I allowed to withdraw most of the SSPN-i including the dividend for my child's local college education and leave a couple of hundreds in the balance?
ChessRook
post Mar 5 2019, 03:40 PM

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QUOTE(MGM @ Mar 5 2019, 03:33 PM)
So PTPTN has already announced the dividend of SSPN-i for 2018 on 29Jan2019. Am I allowed to withdraw most of the SSPN-i including the dividend for my child's local college education and leave a couple of hundreds in the balance?
*
Yes you can. You can also close off the account.
MGM
post Mar 5 2019, 05:01 PM

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QUOTE(ChessRook @ Mar 5 2019, 03:40 PM)
Yes you can. You can also close off the account.
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Shouldnt I keep the account in case I need to get loan for Tertiary education?
ChessRook
post Mar 5 2019, 05:35 PM

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QUOTE(MGM @ Mar 5 2019, 05:01 PM)
Shouldnt I keep the account in case  I  need to get loan for Tertiary education?
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In this case, yes. I wrongly assume you don't need the loan.
ketupatlazat
post Mar 5 2019, 09:42 PM

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QUOTE(tinyisland @ Mar 2 2019, 09:20 PM)
I think right now SSPN is linked to Income Tax. It will auto-fill up the tax relief $ under SSPN column. No more manual fill in.
*
Yup. Same case here
SUSDavid83
post Mar 5 2019, 09:44 PM

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That's a a good improvement as it saves the headache on how much deposits are really eligible for tax relief.
SUSyklooi
post Mar 5 2019, 09:45 PM

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QUOTE(ketupatlazat @ Mar 5 2019, 09:42 PM)
Yup. Same case here
*
thanks for confirming....the auto fill.
so now I no need to print out a copy from SSPN and keep liao
SUSDavid83
post Mar 5 2019, 09:46 PM

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QUOTE(yklooi @ Mar 5 2019, 09:45 PM)
thanks for confirming....the auto fill.
so now I no need to print out a copy from SSPN and keep liao
*
From book-keeping wise, you still need to do it.
Since it just started this year, I doubt many of their staffs (especially the auditors) are aware of it.

This post has been edited by David83: Mar 5 2019, 09:50 PM
attentional
post Mar 6 2019, 03:41 PM

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QUOTE(ketupatlazat @ Mar 5 2019, 09:42 PM)
Yup. Same case here
*
Is the amount adjustable by you or locked by the system?

This post has been edited by attentional: Mar 6 2019, 03:42 PM
attentional
post Mar 11 2019, 11:57 AM

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Quick question on the RM8k tax relief for 2019. If I deposit RM8k end of Dec 2019 also entitle for tax relief right? Reason is I am still earning FD interest of 4.38% if I don't deposit now.

This post has been edited by attentional: Mar 11 2019, 11:57 AM
MUM
post Mar 11 2019, 12:06 PM

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QUOTE(attentional @ Mar 11 2019, 11:57 AM)
Quick question on the RM8k tax relief for 2019. If I deposit RM8k end of Dec 2019 also entitle for tax relief right? Reason is I am still earning FD interest of 4.38% if I don't deposit now.
*
Yes.....by Dec 2019...
But yr tis 4.38% is pa right....thus if you put in now...hv to wait till Mar 2020 to get full 4.38%...right?

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