With regard to the increase in the Temporary Skilled Migrant Income Threshold, or TSMIT, we would like to provide you with some important information so that you can better understand the impact of this change and how to deal with it.
Specifically, on 28 May 2024, the Australian Department of Home Affairs (DHA) formally announced an increase in the TSMIT reference value from the current $70,000 to $73,150 USD. This change will take effect from 1 July 2024 for all migration nominations lodged after that date.
TSMIT is the minimum level of income that an applicant must achieve when applying for a specific employer-sponsored visa as listed below:
1. 482 Temporary Skills Shortage Visa.;
2. 186 Employer Nomination Scheme visas.;
3. 494 Employer Sponsored Area (Temporary) Visa.
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For visa sponsors, this adjustment may have some impact. However, for sponsoring companies that are already in the same type of jobs as mentioned above, there is no direct implication of this change. As long as they complete the nomination process by the required date, they have nothing to worry about.
However, for employers who wish to sponsor new employees after 1 July 2024, the situation may be different. If the Annual Market Salary Rate (AMSR) for the nominated position is less than the new $73,150, employers may need to complete the nomination process as close as possible to the implementation date of the change.
Given that most nominations are subject to a 28-day public notice period, known as the Labour Market Test (LMT), employers should publish LMT advertisements as early as possible before 1 June 2024 to ensure that they are able to submit nominations in accordance with the original TSMIT criteria. As LMT adverts will need to reflect the recommended salary for the position, any adverts placed after 1 June 2024 will be subject to the new TSMIT rate ($73,150).
To assist you with these changes, we offer the following services:
1. If you are looking to hire employees whose positions have an AMSR lower than the new TSMIT, we recommend that you act quickly to be fully prepared and submit your nomination by 1 July. This means that you need to ensure that all eligibility requirements are met and that all necessary documentation and references are gathered and organised as soon as possible.
2. You are also reminded that nominations for these visas are valid for up to 12 months. Therefore, if you believe that the salary adjustment will be less than $73,150, you may submit your nomination earlier and submit your visa application just as the applicant's current visa is about to expire. We can therefore assist you with these applications now to lock in a lower salary level before the policy change comes into effect.
If you have any questions or need further advice, please feel free toGet in touch with usWe're here to help. We will be happy to answer your questions and provide you with a full range of support to minimise the potential impact of these policy changes on your company's operations.
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