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Immigration News Alert
Australia: Temporary Skilled Migration Income Threshold Increase
Key Points
- Australia will increase the Temporary Skilled Migration Income Threshold from $70,000 to $73,150 on July 1, 2024
Overview
The government of Australia will increase the Temporary Skilled Migration Income Threshold (TSMIT) from $70,000 to $73,150 on 1 July 2024. New nominations must meet this threshold or the market salary rate, whichever is higher, but existing visa holders and nominations before this date are unaffected.
The Superannuation Guarantee will also rise from 11% to 11.5% starting 1 July 2024 and continuing to 12% by July 1, 2025. Details are available on the ATO’s website.
Businesses should start Labour Market Testing and submit nominations before July 1, 2024, if they cannot meet the new TSMIT. Ensure the superannuation increase is reflected in payroll from this date.
Looking Ahead
Continue to check the government of Australia’s website and Envoy Global’s website for the latest updates and information.
Content in this publication is for informational purposes only and not intended as legal advice, nor should it be relied on as such. Envoy Global is not a law firm, and does not provide legal advice. If you would like guidance on how this information may impact your particular situation and you are a client of the U.S. Law Firm, consult your attorney. If you are not a client of the U.S. Law Firm working with Envoy, consult another qualified professional. This website does not create an attorney-client relationship with the U.S. Law Firm.