We've just crossed the half year mark for the year 2019! Phew! How's it going so far? Have you maxed out on your income tax reliefs yet? Here's a special tip from ECL Advisory on how you can do it right away: Save in SSPN for your child!
That's right! Putting some savings aside for your child in a SSPN account (That funds the country's PTPTN loans), not only get you up to RM 8,000 reduction of taxable income, it also generates interest for your savings every year! So what are you waiting for? Check out our simple step by step online registration guide below:-
The first step is to make sure you get to the right place. As you can see, Google searches do turn up paid ads sites, so the above indicated in RED are NOT the official site but more of distribution agents. Those sites mostly promote the monthly savings + takaful insurance for the SSPN savings (nothing wrong with that) but if your intention is just to save in the SSPN account, make sure you click on the BLUE box indicated site above, which will bring you to this:
Once here, the first box is to start the ball rolling to open a new SSPN account (or deposit more for the year if you already have an account):
From here on out, it's pretty much straightforward, but it's mostly in Bahasa Malaysia, so do check with a friend if you are unsure of what the details mean.
Once you complete the registration steps, you'll be asked to deposit the initial amount:
You'll then need to fill this up and key in the amount you would like to deposit and open the account (do tick the box to proceed) and when you click "Hantar", you'll be directed to the instruction for payment page like this:
Which will redirect you to the payment portal page. You can choose which method is easiest for you to pay (no credit cards please :)), and upon successful remittance of payment, you will get a notification like this:
OK. Now that you've opened your account and deposited money in there, your account may take a day or two to be activated. Your next step after would be to register an online access, so that you can check your statements anytime, anywhere (with internet connection of course). You can do that here:-
This will lead you to this page, where you will need to click on the first time registration link "Pendaftaran Online E-SSPN-i:-
You'll get this to register your online ID and password:
And once sorted, you'll get this notice on the site; and an email like this after:-
Once you login to your online access account, you can then search for latest statements, or statements for the previous year. And for those who really want to be sure their money is in there, do look for something like this:
If you run into any hiccups, do contact PTPTN on their landline (or by email) and their team are very responsive and helpful.
For those who may not like to use online applications, you can also opt for the other channels listed on the OFFICIAL SSPN site:-
Hope this helps and that you will be able to save for your kids and also save on your income tax next year! (YA 2019).
Point to note: Two parents CAN save for the same child (eg. only one child in the family) to qualify for separate tax assessment reduction of taxable income BUT each parent MUST open on SSPN account under each of their names (as the PEMBAYAR). Only then can each parent be able to claim the up to RM 8,000 taxable income relief for YA 2019.
Do speak to our friendly financial advisers for any insurance, savings, estate planning, and personal tax savings matters. We're here to help.
Encouraging. Conscientious. Learned. ECL.