KUALA LUMPUR: Along with a wishlist for 2022, a 51-year-old manager from a private company, Maizura Mohamed, has been drawing up a budget list as she ushers in a new financial plan for the new year.
"It is at this time of the year that we are grateful to see some extra cash in our hands. Fortunately, I was able to get some benefit from the tax relief from saving in the Simpan SSPN (National Education Savings Scheme) for my children," she told the New Straits Times.
The mother of three has been saving for her children's education in both the Simpan SSPN Prime and Simpan SSPN Plus accounts.
Besides a competitive dividend offered by Simpan SSPN, Maizura said the tax relief offered to savers also attracted her to opt for the savings instrument.
"The tax relief of up to RM8,000 a year is a key attraction of Simpan SSPN.
"Instead of paying tax directly, parents can channel the money into these government-guaranteed savings accounts. For me, this is a great education savings plan.
"When the children are still young, preparing funds for their tertiary education, of course, looks like a distant plan. But, such far-sighted financial planning will be of great assistance to parents when sending their children for further studies.
"I encourage parents to make good use of these saving instruments and to start investing now for their children's future," she said.
The Simpan SSPN scheme is the only savings plan in the country that offers tax relief of up to RM8,000 a year.
There are two eligible categories, including separate assessment which gives a maximum tax relief of RM8,000 per year for each individual, as well as joint assessment which offers a maximum tax relief of RM8,000 per year for each couple.
If the depositors, both husband and wife, make their tax assessments separately, they can open a separate account for the same child to enjoy a maximum tax relief of up to RM8,000 per person.
In fact, parents who save with Simpan SSPN Plus are eligible to receive total tax relief of up to RM11,000, which includes RM8,000 for net savings in Simpan SSPN Plus and RM3,000 for takaful contributions.
Apart from that, Simpan SSPN Plus depositors are also entitled to join the Cabutan WOW! Simpan SSPN Plus 2021 campaign before Dec 31. Depositors only have to fulfil one condition — their accounts must be active with no pending arrears until the year-end.
An array of exciting prizes are up for grabs for the special winners.
The grand prize winner will welcome 2022 with a gold bar worth RM150,000.
The runner-up will be taking home a brand new Perodua Bezza 1.3 AV.
The second runner-up will be receiving high-tech kitchen appliances (Thermomix), while consolation winners will each receive a cash prize worth RM221.
Nevertheless, depositors who win cash prizes must retain their winning amount in their Simpan Simpan SSPN Plus accounts for at least three months from the date of the draw.
For more information, visit www.lovesspn.com.