SSPN (Budget 2013)

Five months ago, I posted Skim Simpanan Pendidikan Nasional (SSPN-i) and shared about how you could get yearly RM3000 tax relief from your income tax. Under Budget 2013, the tax relief for SSPN-i is revised to RM6000 yearly. This new tax relief will be enforced starting Tax Assessment Year 2012.

Who is eligible for the RM6000 tax relief?

1. Parents or guardians whose children are under 29 years old.
2. Depositors who open personal accounts are NOT entitled for this.

How is the tax relief counted?

1. It is counted by net saving on that particular year. If you deposit RM6000 and draw RM1000 in the same year, the amount entitled for tax relief will be RM5000 only.
2. If you deposit RM6000 on 31st December 2012, the tax relief is still eligible for Tax Assessment Year 2012.

What is the divident for SSPN-i? The divident for current year will be announced in the following year. Below is the table for the historical divident of SSPN-i.

Year	Divident (%)
2004	3
2005	4
2006	4
2007	4
2008	4
2009	2.5
2010	3.25
2011	3.7
2012	4.25

Currently, there is an ongoing promotion for SSPN-i from Bank Islam and PTPTN, started from 23 September to 23 December 2012. New or existing SSPN-i depositors could win up to RM100000 by depositing/open new account with RM100 through Bank Islam. The deposited amount must be maintained in 30 days until the end of the promotion to be eligible for the contest.

Go open a SSPN-i for your children or deposit through Bank Islam today to enjoy the tax relief and stand a chance to win RM100000!