Australian Government Increases TSMIT to $73,150 from July 2024
The Australian Government has made a significant announcement that will impact businesses and skilled workers. The Temporary Skilled Migration Income Threshold, or TSMIT, will increase to AUD 73,150 on 1 July 2024.
This update will apply to all skilled visas subject to TSMIT submitted on and after 1 July 2024. See below for a further explanation of how the TSMIT update will affect your skilled visa application.
TSMIT Update 2024
The Temporary Skilled Migration Income Threshold (TSMIT) is a minimal pay threshold that companies must meet to sponsor overseas skilled employees for a sponsorship-based work visa. Currently, four types of visas are subject to TSMIT: the 482 Visa, 494 Visa, 186 Visa, and 191 Visa. These visas (except the 191 Visa) require a nomination from an eligible company. To be eligible to nominate an overseas employee, the company must successfully prove that it can pay the employee as per the minimum TSMIT.
Starting from 1 July 2024, the TSMIT increases to AUD 73,150. Thus, new nominations and visa applications lodged on and after 1 July 2024 must meet the new TSMIT of $73,150 or yearly market salary rate, whichever is higher. The new TSMIT will not affect nominations or visa applications lodged before 1 July 2024.
How the new TSMIT will affect Australian business?
The increase in TSMIT is not that significant compared to last year’s increase. However, all Australian businesses are expected to be prepared to prove better economic growth and capability to sponsor overseas skilled employees.
If the update significantly affects your business, remember you’re not alone. Book an appointment with our registered migration agent to discuss the best way forward. Our expert will provide your company with the best advice, ensuring the sponsorship process goes smoothly.
Is it a good sign for overseas skilled workers?
The increase in TSMIT is a positive development for overseas skilled workers. It signifies a higher minimum pay rate for you, potentially improving your financial situation. However, if the prospective sponsor finds it challenging to meet the new TSMIT, it may negatively affect the sponsorship process.
If you have any concerns regarding the increase in TSMIT, don’t hesitate to contact us. Our visa specialists are here to ease your worries.
What should you do now?
If you anticipate that the change in TSMIT will negatively impact your business or sponsorship, we strongly urge you to initiate the sponsorship process now. With only one month until the new TSMIT is in place, starting early may provide enough time to finalize the nomination and visa application.
The longer you postpone the progress, you may have no opportunity to avoid the new TSMIT.
If you find yourself in need of urgent assistance with the sponsorship process, whether for nomination only or together with the visa application, ONEderland Consulting is your reliable partner. We are always ready to help you navigate through the TSMIT update!
We are here to help you.
Our visa specialists at ONEderland Consulting will ease your concerns regarding the Temporary Skilled Migration Income Threshold update. We have a 98% success rate and are one of Australia’s most highly recommended migration agents. Read our 4.9* score customer reviews.
We are complex visa specialists. As registered Australian migration agents with the Migration Agents Registration Authority (MARA), we are regulated in our professional practice and bound by the profession’s Code of Conduct issued by the MARA.
Take the first step and get in touch with us. Our team members are professional and honest and speak various languages, such as Mandarin/ Chinese, Bahasa Indonesia, Arabic, Japanese, and Thai. Contact us through email at [email protected] or via phone at 1300 827 159. Alternatively, you may book your consultation online, and it is backed by our 100% Money Back Guarantee Program.
