Exchange trading systems are community based schemes where goods and services are exchanged without money. Exchange traded systems schemes have a local unit of exchange, often called an 'eco', but other names for the unit of exchange are also used.
To be exempt from the income test the scheme has to be an 'approved scheme' under the Act. The Commission may approve a scheme if it is satisfied that:
- it is a local community-based system,
- its primary purpose is to help persons maintain their labour skills and keep them in touch with the labour market, and
- it is not a system run by a person or organisation for profit.