Still Unsure How TimeBank Works?
Watch this short video about how TimeBanks are spreading throughout NZ to learn more!
FREQUENTLY ASKED QUESTIONS
What if I go into debt?
TimeBank is based on reciprocity – giving and receiving are basic human needs that help build relationships and trust within communities. Going into “debt” carries no penalty but rather is considered a promise to give back when the opportunity arises. We recognise that there will always be participants who will earn more time credits than others. The option is given for them to donate some of their credits to fellow members or to our Community Chest or “top up” other accounts.
You can always talk to the TTB Main coordinator about ways of earning credits if you are concerned.
Who records the TimeBank hour(s)?
At the exchange, both parties agree on who is to record the hour(s).
Are time credits classed as an income for tax purposes?
No, but in order for time credits to continue with this exemption, members must follow three simple rules:
- Members cannot exchange skills that provide their main form of taxable income.
- All exchanges must be paid at the rate of one hour of time equals one time credit. (It is possible to record quarter and half hours too.)
- Members cannot use time credits to buy goods, as in a business transaction. If an exchange requires materials to be purchased, these must be paid for in cash not credits.
Can we join as a couple or as a family?
You can join as a couple or a family. If you later decide to have separate accounts, time credits are easily transferable throughout the system.
What if I don’t use a computer?
Members without a computer are given a Guardian Angel, who will post offers or requests, record exchanges and keep you ‘in the loop’ with events and happenings.
What if I trade with more than one person at a time?
Every person who does the work is a 'provider of service' who receives one time-credit from the 'recipient of service' for every hour worked.
How to log hours when trading an object (e.g, books, fruit, veg, tools)?
For any trades associated with loaning any objects or equipment you can claim one hour, regardless of the time the tool is loaned out for. Why is this? Because you are not actually giving of your time, you are loaning a tool.
If there are any expenses involved in the loaning of tools, these should be agreed between the members before the trade takes place. If the borrower happens to damage the tool, they should cover the cost of repair or replacement.
How can I trust other members?
When trading with another TimeBank member, it is up to you to take personal responsibility for your well-being just as in any transaction with somebody you don’t know, e.g., using a new tradesperson or Trade Me. Use your best judgement and contact your coordinator if you have any concerns or questions.