News + Media

Atlassian boss flags charity drive

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

Get a taste of membership

Sign up for a free edition of our weekly newsletter to have sector news, views and resources delivered straight to your inbox.

Sign up now