Sunday, October 8, 2017

2017 Tax Planning - SSPN (PTPTN) Tax Relief

Have you open an account (PTPTN) for your child 'education fund'?

SSPN stands for Skim Simpanan Pendidikan National

5 commons way to fund your child(ren) education.


Beside Tax Saving, for which some people don't care because of low tax bracket, there is ONE more reason you might want to consider to 'save' with SSPN - effective 2012, you can't borrow from PTPTN unless you have saving in PTPTN (under SSPN)

However, the new scheme has a surprise element - the 'takaful' element THAT you are 'forced' to buy insurance (in Bahasa, Sumbangan Takaful) which is relatively 'expensive' but it is still a good plan for those can't afford a conventional medical plan, or life insurance, yet want to provide a saving for their child(ren) education.

IF you don't wish to have the "takaful" element., stick to the SSPN-i (without the Plus)

SSPN-i Plus Plans


PAKEJ
INTAN
DELIMA
TOPAS
ZAMRUD
NILAM
BERLIAN*
Simpanan
SSPN-i
RM20
RM40
RM90
RM180
RM270
RM200
Sumbangan Takaful
RM10
RM10
RM10
RM20
RM30
RM300
Jumlah
RM30
RM50
RM100
RM200
RM300
RM500

MANFAAT TAKAFUL
Kematian/Keilatan Kekal & Menyeluruh (Kemalangan)
RM40,000
RM40,000
RM40,000
RM80,000
RM120,000
RM1,000,000
Kematian/Keilatan Kekal & Menyeluruh (Biasa)
RM20,000
RM20,000
RM20,000
RM40,000
RM60,000
RM500,000
Keilatan Kekal & Sebahagian
(Biasa dan Kemalangan)
Tiada
Tiada
Tiada
Tiada
Tiada
RM100,000
36 Penyakit Kritikal (Bayaran manfaat dipercepatkan)
RM10,000
RM10,000
RM10,000
RM20,000
RM30,000
RM100,000
Elaun Kemasukan Hospital/hari**
RM20
RM20
RM20
RM40
RM60
RM200
Khairat Kematian Pendeposit, Pasangan (yang pertama & sah sahaja) dan  anak
RM2,500 (Pendeposit dan pasangan)
RM2,500
RM1,000 (setiap anak – maksimum 3 orang anak sahaja)
RM18,000
(pendeposit)
RM9,000
(pasangan)
RM2,000 
(setiap anak – maksimum 3 orang anak)
Dividend
Based on my personal experience, the effective rate of return for past 10 years is merely ~3.75% p.a.

Why save with PTPTN?

  • Tax relief, which may be 28% for those having chargeable income of RM1,000,000 and above OR 21% for hose having chargeable income of RM70,000 and above, which is still substantial for first year of contribution.

Disadvantage of PTPTN saving (i.e. SSPN)??

  • Low return (2007 to 2016, effectively only 3.75% p.a.)
  • SSPN-i required contribution for insurance element, which you may not need (or aware...). The benefits is not provided to you FREE, you pay for it. 

Tried to open an account for 2nd child but server down. You may try it here to open SSPN-i account online, save for Tax Relief before 31.12.2017.




To check SSPN account balance, click here.

Source:-
PTPTN Website

Saturday, October 7, 2017

Buy INSURANCE online !!!

Era of product-selling is ending soon.

More and more (financial) products are available online now at lower cost or price.
(Askchong: lower not necessary cheap)

Consumer can go direct, get lower price or with discount, for products like Motor (car) insurance, Travel insurance, Term Life etc.

Example:

Hong Leong Assurance's products available to public via online, without agents, supposedly cheaper as no commission to be paid to agent/agency.
https://www.hlatouch.my
(Askchong: this link is hidden under www.hla.com.my and no marketing to really show to the public)

U For Life provide simple Term life.
(www.uforlife.com.my)

Investment like unit trust can also be bought online, at lower sales charge e.g. fundsupermart.com and 'middle-man' like unit trust consultants will face the same challenge as insurance agents.

All these are part of the Bank Negara's big plan of market liberalization.

What can Adviser/Planner (licensed by Bank Negara and Securities Commissions of Malaysia) do in the coming new era?

Adviser/Planner will 'sell' their service to provide financial advisory, identify client's financial needs and match it with the right solutions.

No more product-selling.



#BNM

Hotlink got a SISTER now - oOkYo

A very new player in the town effective October 2017.

What is so special about it?
Unlimited Internet (from RM30 per month only) 
Link to Google Play. 10% rebate in Google Play credit
Prepaid Credit can be use to pay in Google Play (same as Hotlink) 
100% Digital (don't know what does that mean)



You have to Download Ookyo from Google Play store to enjoy the UNLIMITED INTERNET.

No customer service. You 'talk' to 24-7 chatbot whom can't answer questions other than pre-program questions!!!

You can EARN by inviting new member but function not ready yet (too new) 




New Bankruptcy Act effective Oct 2017

Effective 06.10.2017

The New (Amendments) Bankruptcy Act

Now become "Insolvency Act 1967"

#Threshold from RM30k increased to RM50k.

#Guarantor, social guarantor will NO longer become "bankrupt".

#Discharge become automatic, if conditions are met.

https://themalaysianlawyer.com/2016/11/22/the-new-bankruptcy-bill-malaysia/

Thursday, October 5, 2017

Make no sense - MaxisONE (Postpaid) vs Hotlink (Prepaid)

Hotlink no longer offer RM50 plan with 100 minutes and 5GB.

Effective October 2017, new package for Hotlink is RM60 for 8GB (plus others promo up to 43GB) and with unlimited calls to all networks.

However, at the same time MaxisONE lowest price plan is RM98 for 10GB (plus another 10GB weekend).

Should you change from Postpaid to Prepaid NOW?

You will SAVE RM38 per month with almost the same amount of data, yet you save on GST. (Hotlink give you rebate for GST, till end of this year??)