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 July 1, 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 July 1, 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 still need to meet the new TSMIT. Ensure the superannuation increase is reflected in payroll from this date.
Looking Ahead
Continue to check Australia’s government website for the latest updates and information.
Written by: Jessie Butchley, Global Immigration Writer, Envoy Global
Source: Department of Home Affairs, Australia
