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Superannuation guarantee rate increase update

Super Guarantee Increase Update

Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (SG) have continued to be tossed around!

The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund.

The rate of SG has been frozen at 9.5% of an employee’s ordinary wages since July 2014, but from 1 July 2021 it is due to incrementally increase (by 0.5% each financial year) until it ultimately reaches 12% in July 2025.

As a result, the superannuation guarantee rate is currently set to increase to 10% from 1 July 2021.

At this stage, despite a lot of political rhetoric and media coverage, no change has been announced to change these set plans.

Omnis Group in Perth are modern, forward-thinking Business Accountants providing practical, proactive, real-world advice and support. Contact us about your SG requirements, or indeed any aspect of your business payroll, on 08 9380 3555.

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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

We go beyond numbers and are driven by insight, guidance, and a personalised approach tailored to your unique needs.

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Street address:
Level 2, 7 Rheola Street, West Perth WA 6005

Phone Number:
08 9380 3555

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel