Does your global company have employees in Australia?
Are you aware of the changes that apply from 1 July 2024 and how they may affect your Employer compliance obligations?
The Australian Government is increasing its focus on employer compliance in the migration space and is actively investing in the development of new intelligence and investigations capabilities to support this.
Key Changes to Stay Across
Threshold and Visa Changes
- Temporary Skilled Income Threshold has increased from A$70,000 to A$73,150.
- Fair Work High Income Threshold has increased from A$167,500 to A$175,000.
- Temporary resident visa holders have been provided with a greater mobility:
They are given more time to find a new sponsor, apply for a different visa or arrange to depart Australia once they cease working with their sponsoring employer. These visa holders will be able to work for other employers, as well as work in occupations not listed in their most recently approved nomination. The changes apply to existing visa holders, as well as those granted a visa on or after 1 July 2024.
Superannuation Changes
- Australian Superannuation Guarantee Rate has increased from 11% to 11.5%
- The Concessional (before-tax) superannuation contribution caps have increased from A$27,500 to A$30,000
- The Non-Concessional (after -tax) superannuation contribution cap have increased from A$110,000 to A$$120,000
What next?
- We recommend a review of your existing Global Mobility Policy and your employment contracts to understand how these changes can impact your Employer compliance obligations.
- If you need any assistance or advice, contact Andersen in Australia today to better understand your current position.
