Saturday, December 29, 2012

Things you must do on this Monday!

I just wanted to remind all my readers in Malaysia, especially those who have children still studying and have to pay income tax. From next year, the tax relief for education saving fund for children has been increased to RM6000! So, if you are paying the max bracket, this means a saving of RM1600+!!! Run to Maybank on Monday and get it done! I think CIMB is also an agent. After that, pls remember to bring me out for yam char!

The scheme is called Skim Simpanan Pendidikan Nasional (SSPN).
Amount deposited in SSPN by an individual for his children’s education is deductible up to a maximum of RM6,000. The allowable deduction is limited to the net amount deposited in that basis year only. So if both husband and wife are working and has opted for separate assessment and you have two children still studying, you are entitled to RM6K each!

If you are retired like me, don't forget to put money in EPF if you have no insurance, etc to claim for deduction. Max deduction is also RM6K each for separate assessment. Go to EPF to get the form and then go to the bank to put in $$.

Maximum deductible for complete medical examination is RM500. But this is combined with medical expenses on serious diseases also. Anyway, total for these two item is RM5K only. Otherwise, go for a complete checkup on Monday.

Reading my blog may actually save you money!


wenn said...

thanks..will try to do that tomorrow.

William said...

wenn, you must do it. Go to Maybank armed with a bag of $$ and request for the opening of SSPN. Otherwise, you may have to go to BSN.