May 29 2024:
Increase to TSMIT 1 July 2024
Raising the Temporary Skilled Migration Income Threshold
From 1 July 2024, the TSMIT will increase from $70,000 to $73,150pa. New nomination applications from this date will need to meet the new TSMIT of $73,150 guaranteed earnings or the annual market salary rate, whichever is higher.
This change will not affect existing visa holders and nominations lodged before 1 July 2024.
These changes are in line with the Government’s commitment at the Jobs and Skills Summit in September 2022.
More information will be made available on future income thresholds and indexation methodology, including for the new Skills in Demand Visa, once finally determined later in 2024.
Updates regarding these changes will be published as soon as available
1 July superannuation increase
The superannuation guarantee charge will increase from 11% to 11.5%.
Superannuation contributions do not form part of guaranteed earnings for the sponsored work visas. The superannuation contribution for employees then, is in addition to guaranteed earnings offered to sponsored workers. They do not form part of TSMIT or the annual market salary rate.
1 July Application Fee increase
The Department of Home Affairs is anticipated to increase application fees effective 1 July 2024. Applications lodged prior to 1 July will attract the current application fees.
Suggested TO DO List for Employers
To ensure a smooth application process and compliance with regulations, take action NOW:
- Advertise your job vacancy for a full 4 weeks on 2 accepted platforms.
- Include the salary range in your advertisement (unless offering a high salary).
- Act TODAY to meet Labour Market Testing (LMT) requirements for a successful application by 1 July
Need guidance on LMT or exemptions? Contact us for assistance!
Contact us for assistance and advice.
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