On 27 April 2023, the Minister for Immigration, Citizenship and Multicultural Affairs announced that there will be an increase to the (TSMIT) from currently $53900 to $70000 form 1 July 2023.
The (TSMIT) is set via legislative instrument rather than actual changes to the core legislation which makes it easier for the department to implement it.
The question is whether there will be any transitional arrangements for nominations in the pipeline before the changes come through. Also what effect does this have on occupations where there is an industrial instrument that sets the salary and the guaranteed earnings which may be under $70000. There is also the all important employer obligations on whether they will have to increase the pay to an existing sponsored employee to $70000.
It will all be clear in the next couple of months and we encourage all our readers and clients who are affected to check regularly for the changes to ensure compliance with the legislation.
Note: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Please contact us and one of our experts will get in touch with you promptly.