May 19th, 2015
Atlassian co-founder and chief executive Scott Farquhar has revealed plans to enable all start-ups to give away one per cent of their company to charity and is approaching Tony Abbott’s working group on business partnerships for support.
Mr Farquhar said that while many start-ups were keen to donate one per cent of their equity, they put it off because the equity was worth little as no tax breaks were available and the philanthropy therefore never eventuated.
His idea would enable staff to donate shares into a trust structure, in a system not unlike superannuation, in which staff would donate shares from day one and then receive a tax deduction once those shares were distributed.
Mr Farquhar, whose software firm Atlassian is valued at $US3.3 billion ($4bn), described the move as a “world first for corporate philanthropy.”
“The government I know is looking at ways of increasing philanthropy; the Prime Minister’s Community Business Partnerships working group is looking for ideas and I’ll be chatting with them and with Philanthropy Australia,” he told The Australian
Read the full article - Business Spectator
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