Raising the Temporary Skilled Migration Income Threshold
From 1 July 2024, the Temporary Skilled Migrant Income Threshold (TSMIT) will increase from $70,000 to $73,150. New nomination applications from this date will need to meet the new TSMIT of $73,150 or the annual market salary rate, whichever is higher. The requirements ensure that Employers pay overseas workers no less than an Australian worker who is doing the same work in the same location, that is, the 'annual market salary rate (AMSR), and that visa programs are not used to undercut the Australian labour market
This change will not affect existing visa holders and any nominations lodged by Employers before 1 July 2024.
These changes are in line with the Government’s commitment at the Jobs and Skills Summit in September 2022, and may be followed in the future my additional income threshold reviews or indexation methodology, especially once the anticipated Skills in Demand visa is determined later in 2024.
Employers considering expanding their workforce with skilled migrants via nomination under Visa Subclass 482, 494, 186 and 187, are encouraged to obtain Advice on their full obligations and opportunities.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances, please contact us at info@Ruppertlegal.com.au.