1 July 2023 – The Fair Work Commission has released its annual increase to the high income threshold. From an Australian immigration perspective, this threshold affects the salary benchmark that applicants aged over 45 years must now meet.
From 1 July 2023, the high income threshold is $167,500 – a $5,500 increase on the 2022/2023 threshold.
As the FWHIT is indexed each year effective 1 July, a specific threshold would apply to the period from 1 July of a particular year to 30 June of the next year, that is, the period representing the tax (or fiscal) year. Since the 2019-20 financial year, the FWHIT has been as follows:
- 2019-2020: AUD 148 700
- 2020-2021: AUD 153 600
- 2022–2023: AUD 162,000
- 2023-2024: AUD 167,500
What does this mean for employers?
If your business is currently contemplating sponsoring an overseas national for permanent residence and they are over 45 years of age or over, you must ensure that they have met the high income threshold for the previous 3 years before lodgement of the application
