Avoid increase of TSMIT on 1st July 2024

As per recent government announcements as part of the Australian Governments Migration Strategy 2023, the Temporary Skilled Migration Income Threshold (TSMIT) was increased from AUD$53,900 to AUD$70,000 effective from the 1st of July 2023.

This figure will be indexed annually to “help secure the integrity of our skilled migration program, while ensuring it is targeted to our skills needs and maintains the confidence of the Australian people in the years ahead”.

To avoid increases to TSMIT on 1st July 2024, it is recommended to plan ahead for workforce requirements including assessing your Subclass 482 visa holder population to initiate and submit nominations for permanent residency via Subclass 186 – Temporary Residence stream or Direct Entry stream visas prior to this date. Generally, all Subclass 482 visa holders are eligible to apply for permanent residency via Subclass 186 – Temporary Residence Transition stream by working for 2 years full-time (minus unpaid leave) as a holder of a Subclass 482 visa.

It is highly recommended to confirm eligibility to avoid risk of refusal. Once permanent residency is approved, employers are under no obligation to continue paying at or above the TSMIT rate, standard Fair Work Provisions continue to apply.

Should you require further information, please get in touch with us at ross@crystalmigration.net

Written by Ross Ahmadzai

9 Feb, 2024

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