Take advantage during this “year end” on book purchase, SSPN and child education insurance for your claim on tax relief next year.

Today is 28 Dec and we have 3 days left before we enter into Year 2012. Like it or not, in Mar-April next year, all of us will have to submit Tax Return Form for 2011 via e-Filing to LHDN for our income tax calculation and payment. We usually heard this, “Lagi tinggi gaji, lagi banyak tax kena bayar”…but in reality, it does not necessarily work that way. Some rich people are paying less tax by planning their expenses properly and utilise all possible tax relief. So you could do the same in these 3 days. Below are the areas that which you can take advantage the most of the tax relief.

• Book purchase (maximum RM1,000) – You could claim tax relief on purchase of book/magazine/journal/publication for your own/spouse/children. Make sure you keep the purchase receipt and it must be dated this year.
• Skim Simpanan Pendidikan Nasional (maximum RM3,000) - The National Education Savings Scheme (SSPN) is designed especially by the National Higher Education Fund Corporation to enable parents/guardians to save for the purpose of the higher education of their children. Account being opened by the parents or legal guardian/adopted parents for the benefit of the child, will be given tax exemption up to RM3,000 per year based upon current year nett deposit. An SSPN account may be opened at PTPTN service counters at the One-Stop Centre in KL Sentral and all SSPN agent branches nationwide. The SSPN agent are;
• Bank Simpanan Nasional
• CIMB Bank
• Agro Bank
• Bank Islam
• Bank Rakyat
• Maybank
• Child education insurance policy (maximum RM3,000) – Child education policy is a life insurance product that is designed to also act as saving tool for children up to their age of young adult. If you want to claim for max now, purchase and pay for one year (yearly).

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