If you are like most caring parents putting aside money for your children’s future education, the SSPN tax relief is a sure way to pay less tax each year, up to Year of Assessment 2020. What is this all about? This is an additional yearly tax relief of RM6,000 via the Skim Simpanan Pendidikan Negara, or SSPN in short. The tax savings effect is at your top marginal tax rate. At this rate, it is often more than what bank fixed deposits would give you in terms of interest. This RM6,000 relief increased to RM8,000 for years of assessment 2019 to 2020 is for each parent if you are on separate assessment (learn more on www.ptptn.gov.my).
