From 1 July 2023, the current TSMIT, $53,900.00 will increase to $70,000.00.
The Department of Home Affairs site did state in its news article that approved nominations granted prior to 1 July 2023 will not be affected.
This news item was updated to say: "This change will not affect existing visa holders and nominations lodged before 1 July 2023."
Link: News page Home Affairs
A recent National Press Club address by the Minister, Clare O'Neil, in respect to grandfathering arrangements mentioned that an increase to the new TSMIT will only occur upon current Visa expiry.
We are satisfied now the language has been made clear that there will be no grandfathering arrangement, meaning no TSMIT increase impact on nominations lodged, that observe the current TSMIT, where the nomination application is yet to be decided, before the end of this current financial year.
Under the Labour Agreement Stream for skilled worker nominations, a concession of 10% to TSMIT has been usual. This includes the local Goulburn Valley Designated Area Migration Agreement (GV DAMA), which with the increase, instead of a TSMIT of $70,000.00, would be $63,000.00.
However, the recently released Aged Care Labour Agreement is not linked to TSMIT, which one might assume is due to the clearly present need to fill vacancies in that industry workforce.
There are a lot of announcements coming through in the migration law practice area at present and as such, an abundance of media.
We are here to assist as best we can with access to any changes as they arise, including policy change, legislation instruments or amendments to the Act and/or Regulations.
The "Review of the Migration System" report released in April this year, has among other recommendations, pathways to Permanent Residency for skilled workers on subclass 482 TSS Visas who have an occupation on the Regional Occupation List of the Short Term Skilled Occupation List, mooted to be in place by the end of the calendar year.
We will have more on this once the changes are in place.