Starting July 1, 2024, the Temporary Skilled Migration Income Threshold (TSMIT) will be raised from $70,000 to $73,150. This adjustment aligns with the government's commitment made during the Jobs and Skills Summit in September 2022, emphasising a dedication to updating and improving the migration system.
What Does the TSMIT Increase Mean for Prospective Applicants?
For those considering applying for a temporary skilled migration visa, understanding the implications of the TSMIT increase is crucial. From July 1, 2024, all new nomination applications must meet the new TSMIT of $73,150 or the annual market salary rate for the occupation, whichever is higher. This ensures that the salary offered to skilled migrants is competitive and reflective of market standards.
However, it is important to note that this change does not affect current visa holders or nominations lodged before the July 1, 2024 deadline. They will continue to operate under the previous threshold of $70,000, ensuring a smooth transition and stability for those already in the process.
How NB Migration Lawyers Can Assist You
Navigating changes in migration policy can be complex and daunting. At NB Migration Law, we are dedicated to supporting individuals and organisations through these transitions. Our expertise in visa applications ensures that you are well-informed and prepared to meet the new requirements.
To assist you in understanding how the new TSMIT affects your situation, we offer a complimentary 30-minute consultation. During this session, our migration experts will discuss your visa requirements, provide personalised guidance, and answer any questions you may have. This personalised approach ensures that you have a clear and comprehensive understanding of the new income threshold and how it applies to your circumstances.
Staying Informed About Future TSMIT Updates
The migration landscape is continually evolving, and it is essential to stay updated on any changes that may impact your plans. In addition to the TSMIT increase, future updates on income thresholds and indexation methodologies are anticipated. One such update includes details about the new Skills in Demand Visa, which aims to address critical labour shortages in specific industries by attracting skilled professionals.
Staying informed about these updates is crucial for both prospective applicants and employers seeking skilled migrants. Regularly checking for new information and understanding the implications of these changes will ensure that you are always prepared and can make informed decisions about your migration plans.
A way forward for Temporary Skilled Migration
The increase in the Temporary Skilled Migration Income Threshold to $73,150 reflects the government's ongoing efforts to maintain a competitive and fair migration system. For prospective applicants, understanding this change and how it affects your application is vital. At NB Migration Law, we are committed to providing the guidance and support you need to navigate these changes successfully.
Take advantage of our complimentary consultation to discuss your visa requirements and stay informed about future updates. Our dedicated team is here to help you achieve your migration goals with confidence and ease.