Temporary Skilled Migration Income Threshold (TSMIT)
TSMIT will increase from $53,900 to $70,000 on 1 July 2023. New nominations lodged on or after that date will be required to meet the new TSMIT of $70,000 or the annual market salary rate, whichever is higher. Applications lodged before 1 July 2023 will not be affected.
The increase in the TSMIT is a positive move for highly skilled professionals and overseas workers seeking employment in Australia. The change means that overseas workers will no longer be bound to their employer, while highly skilled professionals will find it much quicker and easier to enter and start work in the country.
The expanded pathways to permanent residence through the ENS TRT stream provide additional opportunities for temporary skilled migrants in Australia. This change, combined with the increase in TSMIT, will ensure that the program remains focused on attracting highly skilled professionals who can make a significant contribution to the country’s economy.
If you’re a business owner or individual who is unsure about how the forthcoming changes will impact you, it’s important to seek advice. Contact us today so that we can assist you to navigate the changes and build your business to overcome the new challenges.