TAX QUESTIONS? YOU ASK LAH!

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Q: My child is already 28 years old and is working. I am still depositing into my child’s National Education Savings Scheme (SSPN) account registered under my name. Can I still claim tax relief for the net amount deposited? 

A: Yes, you are still eligible to claim tax relief of up to RM8,000 for the net amount deposited into the SSPN account for your child even though he/she is working. However, you can only claim the net amount deposited until your child reaches the age of 29, because at that time, the account has to be converted to be under your child’s name.  

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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