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SSPN-i Plus, New Product by PTPTN
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MUM
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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/+12002. 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.html3. 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.html4. 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-plusThis post has been edited by MUM: Mar 1 2019, 02:45 PM
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WaCKy-Angel
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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-plusThx 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.
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SUSDavid83
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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
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WaCKy-Angel
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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.
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SUSDavid83
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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 1,260This post has been edited by David83: Mar 1 2019, 03:30 PM
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tinyisland
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Mar 2 2019, 09:20 PM
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New Member
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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.
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Kaka23
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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..
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MUM
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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
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Kaka23
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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.htmlThanks bro.. appreciate your information Need to start saving now!
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MGM
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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?
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ChessRook
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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.
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MGM
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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. Shouldnt I keep the account in case I need to get loan for Tertiary education?
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ChessRook
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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? In this case, yes. I wrongly assume you don't need the loan.
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ketupatlazat
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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
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SUSDavid83
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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.
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SUSyklooi
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Mar 5 2019, 09:45 PM
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QUOTE(ketupatlazat @ Mar 5 2019, 09:42 PM) thanks for confirming....the auto fill. so now I no need to print out a copy from SSPN and keep liao
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SUSDavid83
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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
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attentional
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Mar 6 2019, 03:41 PM
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QUOTE(ketupatlazat @ Mar 5 2019, 09:42 PM) Is the amount adjustable by you or locked by the system? This post has been edited by attentional: Mar 6 2019, 03:42 PM
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attentional
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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
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MUM
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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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