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Taxsaver Commuter Tickets

  • 06-02-2007 01:57PM
    #1
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,260 Mod ✭✭✭✭


    Starting a new job soon and I'll be getting the train soon.

    I want to get a yearly Taxsaver Commuter Ticket for bus and rail (for the extra €150 its well worth it).

    It says on the main page

    Tickets can be provided to companies Tax Free as part of a Bonus package to their employees.

    Or

    Company employee chooses to take a cut in salary and employer provides Annual or Monthly Commuter Tickets Tax Free, equivalent to the amount involved

    I havent spoken to my new employer yet but I was wondering if its possible just to pay up front i.e me give the employer the money or is it just set up so that €82pm is taken off my wages?

    Also if you were to buy the equivalent monthly ticket with out the tax free perks how much is it? (Lousia Bridge to Pearse). The Irish Rail web site links to a ticketmaster.ie page but it doesnt have any info.

    I want to see how much I'd save.

    Sent an email to Irish Rail but who knows when I'll hear back from them!


Comments

  • #2
    markpb
    Registered Users, Registered Users 2 Posts: 9,414 ✭✭✭markpb


    As far as I know, the tickets have to be taken out of your wages in order to qualify for the tax benefits. Depending on the company, you can usually pay all at once or monthly, either way the company pays the full price at the start.

    The easiest way to find out the price of your ticket is just to go to any station and ask them, I don't think they have a proper fare calculator on their site.


  • #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,260 Mod ✭✭✭✭godtabh


    The Irish Rail sit links to this page but there is no info there.

    Its a bit of a pain in the hole to get a station at the moment but I'll try and get there at some stage


  • #4
    comer_97
    Closed Accounts Posts: 522 ✭✭✭comer_97


    i had one of those tickets and the cost is taken from your wages at source for the whole year.


  • #5
    John R
    Registered Users, Registered Users 2 Posts: 4,106 ✭✭✭John R


    The amount you save depends on your tax bracket, either 26% or 47%.

    The price quoted on the website is the full regular ticket price, so assuming you are in the higher tax bracket the annual Bus/Rail at €980 will cost you €519.40*

    A 7 Day Louisa Bridge-City Centre point-to-point rail ticket is €16.50 which would be €858 for 52 weeks for a much more limited ticket, so maybe €750 to €800 a year depending on your holidays and such.

    All annual bus, bus/rail and bus/luas tickets are also valid on Nitelink and Airlink services so if you get the Nitelink regularly the Bus/Rail will more than pay for the extra above the taxsaver rail only on that alone.

    The tickets cost the same amount to buy, you save money because salary used to buy the ticket is not taxable so your tax free allowance is increased by that amount.

    *These prices are the new fares valid from March 2007 onwards.


  • #6
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,260 Mod ✭✭✭✭godtabh


    John R wrote:
    The amount you save depends on your tax bracket, either 26% or 47%.

    The price quoted on the website is the full regular ticket price, so assuming you are in the higher tax bracket the annual Bus/Rail at €980 will cost you €519.40*

    A 7 Day Louisa Bridge-City Centre point-to-point rail ticket is €16.50 which would be €858 for 52 weeks for a much more limited ticket, so maybe €750 to €800 a year depending on your holidays and such.

    All annual bus, bus/rail and bus/luas tickets are also valid on Nitelink and Airlink services so if you get the Nitelink regularly the Bus/Rail will more than pay for the extra above the taxsaver rail only on that alone.

    The tickets cost the same amount to buy, you save money because salary used to buy the ticket is not taxable so your tax free allowance is increased by that amount.

    *These prices are the new fares valid from March 2007 onwards.


    So my annual ticket which would normal cost €980 would cost €519.40 if I am on the higher tax bracket (which I am)? So I would be paying out €43pm?

    Man thats after making this proposition so much better! I pay more on 4x5day rambler tickets!


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  • #7
    John R
    Registered Users, Registered Users 2 Posts: 4,106 ✭✭✭John R


    kearnsr wrote:
    So my annual ticket which would normal cost €980 would cost €519.40 if I am on the higher tax bracket (which I am)? So I would be paying out €43pm?

    Yes, although if you were paying it monthly it would appear as a deduction of €81 per month on your payslip for the ticket but you would be paying €38 less in tax (a mix of PAYE and PRSI) per month on the rest of your earnings.


  • #8
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,260 Mod ✭✭✭✭godtabh


    John R wrote:
    Yes, although if you were paying it monthly it would appear as a deduction of €81 per month on your payslip for the ticket but you would be paying €38 less in tax (a mix of PAYE and PRSI) per month on the rest of your earnings.

    Well as long as I'm only paying a net of €43 I dont mind


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