Sspn Tax Relief 2018

Should i invest in sspn i previously known as sspn1m for my child s higher education. Refer to this list of the income tax relief 2018 malaysia. Now the good news is national budget 2018 announced on 27 october 2017 has further extended this sspn i maximum rm6 000 tax relief period for another 3 years which will continue from assessment year 2018 until 2020.

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If you have deposited money into your sspn account in 2018 then this amount can be claimed in your e be form as well.

Sspn tax relief 2018. Child care fees paid to a child care centre or kindergarten. Individual and dependent relatives. It should be calculated as the total deposit in the year 2018 minus total withdrawal in the year 2018.

To continue encouraging parents to save up for the high cost of education for their children the tax relief of up to rm8 000 for nett savings of skim simpanan pendidikan nasional sspn will be extended until ya 2022 stay up to date with our other budget 2021 articles here. Dec 2 2020 what is skim simpanan pendidikan nasional sspn. Year of assessment 2019.

2018 malaysia tax relief. The government has added a lifestyle tax relief during the 2017 budget which now includes smartphones tablets and monthly internet subscription bills. The previous laptop books stationary and sports equipment tax relief is now grouped under lifestyle tax too.

Relief off net savings in skim simpanan pendidikan nasional sspn the amount is equal to the total deposits in the year 2017 minus the total withdrawals in the year 2017. Sspn was introduced by the. To further encourage savings for the purpose of financing the tertiary education of children the 2018 budget would extend the relief for another three years to ya 2018 to 2020.

What are the returns pros and cons. This means that the maximum tax relief from sspn i new deposits will remain as rm6 000 until assessment year 2020. Sspn national education savings scheme is a savings scheme for higher education launched in 2004.

Pelepasan taksiran cukai pendapatan ke atas simpanan sspn i. However any amount that is withdrawn after your first deposit in 2018 is not counted. Parents who save in sspn i plus will receive tax relief of up to rm11 000 which is broken down to up to rm8 000 for net savings in the account and up to rm3 000 for takaful contributions.