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. For additional information on the issues discussed, consult an attorney at Corporate Immigration Partners, P.C., or another qualified professional of your choosing. On non-U.S. immigration issues, consult your Envoy representative, or another qualified representative of your choosing.
