Annual Tax Saver bus pass - What are the tax benefits ?

tharmor

Hi,

I am planning to buy the annual tax saver bus pass from my employer. What are the tax benefits ??

Also can it be used outside dublin in case someone gets relocated ??

KD345

You can save over 50% in tax, PRSI and USC which is then offset against the price of your ticket. Basically the benefit to you is cheaper travel.

I'm not sure if it's possible to change an annual ticket once purchased, as a Luas or Dublin Bus ticket isn't much use outside Dublin, but there is an option to purchase a monthly ticket which might suit you until you relocate.

Minier81

If you pay the higher rate of tax the benefits as huge, saving over half the price. Also by buying the annual rather than monthly ones, the monthly rate is lower.

As far as I a aware you cannot change the ticket, because you have bought an annual ticket, and its your own fault if you don't use it, whether due to relocation / deciding not to use public transport / maternity leave etc. If you think you might not need it for the year it would be better to get monthly tickets.

I got an annual one through the tax-saver option a few years ago and it was great, made life so handy and saved a fortune when getting the bus/luas. The only reason I stopped was that I don't use public transport as much now.

Greenmachine

Okay guys can anyone confirm if you can purchase a monthly ticket in the tax-saver scheme. Someone I know saw it as a benefit on a job they are applying for, but their is no way they could pony up, for an annual ticket in one go.

KD345

Here's a link to the list of tickets

http://taxsaver.ie/Ticket-Types/

Just because you're buying an annual ticket doesn't mean you pay for it in one go. In my case, the price of the ticket is deducted from my salary in monthly amounts. I'm sure other employers are similar.

tharmor

Thank you everyone for your responses. I have applied for the ticket.

Advantages

I will be paying daily 4.2 EUR for return travel if i take a bus which has low frequency using a leap card. With this i will be paying 580-590 for the year after 52% tax benefits. So per month its roughly 50 EUR and i can travel freely taking number of buses and also can travel during weekend.

Disadvantages

Might not have the flexibility incase of relocation. Company policy says - In the event that an Employee wants to cancel their ticket during the year and obtain a refund they
will arrange this directly with the Operator - Anyone knows how this can be done directly by the employee ??

Cheers !

LXFlyer

tharmor wrote: »

Thank you everyone for your responses. I have applied for the ticket.

Advantages

I will be paying daily 4.2 EUR for return travel if i take a bus which has low frequency using a leap card. With this i will be paying 580-590 for the year after 52% tax benefits. So per month its roughly 50 EUR and i can travel freely taking number of buses and also can travel during weekend.

Disadvantages

Might not have the flexibility incase of relocation. Company policy says - In the event that an Employee wants to cancel their ticket during the year and obtain a refund they
will arrange this directly with the Operator - Anyone knows how this can be done directly by the employee ??

Cheers !

The ticket is bought by your employer from the operator. Therefore any refund will go to the employer and then should be passed to you through the payroll.

Vahevala

I am interested in this, I am paying 145 euro for bus/luas monthly card but if I don't go taxsaver for the 30 day card, it is €131.50 and I know it is only 30 days rather than 31 but it doesn't make sense to me

ballooba

Vahevala wrote: »

I am interested in this, I am paying 145 euro for bus/luas monthly card but if I don't go taxsaver for the 30 day card, it is €131.50 and I know it is only 30 days rather than 31 but it doesn't make sense to me

Are you elligible for taxsaver? It makes a lot of sense for you. In fact I would recommend anyone considering a bus only taxsaver ticket to tack on the Luas add-on if you are even an occasional user of Luas. You're paying so much for the bus only you might as well include the Luas.

The 30 day ticket you mention is for consecutive days only. A 30 day rambler Dublin Bus ticket is valid for non-consecutive days.

Vahevala

ballooba wrote: »

Are you elligible for taxsaver? It makes a lot of sense for you. In fact I would recommend anyone considering a bus only taxsaver ticket to tack on the Luas add-on if you are even an occasional user of Luas. You're paying so much for the bus only you might as well include the Luas.

The 30 day ticket you mention is for consecutive days only. A 30 day rambler Dublin Bus ticket is valid for non-consecutive days.

I am using the taxsaver monthly ticket for the Bus and Luas and that is 145 Euro.

ballooba

Vahevala wrote: »

I am using the taxsaver monthly ticket for the Bus and Luas and that is 145 Euro.

You pay €145 out of your before tax pay. You are not paying PAYE, USC or PRSI on the money used to buy the ticket. If you bought the 30 day ticket you would be doing so out of money you have paid those taxes / social levies on.

tharmor

I don't know what is being discussed here, but i am glad that i can get refund from my employer incase i want to cancel the pass before 8 months ! Happy days !

Victor

Lots of post moved to "Merits of Taxsaver Scheme" thread: http://www.boards.ie/vbulletin/showthread.php?t=2057094968#

Moderator