Your 457 visa is granted with a condition 8107 whereby as the main visa holder you must work for your sponsoring employer.
If you stop working for your sponsoring employer you must do one of the following within 90 days:
From 19 November 2016 the Government has proposed that the period of 90 days be reduced to 60 days.
DO YOU RISK A VISA CANCELLATION?
The Department of Immigration and Border Protection has advised that once a 457 visa holder has lodged a new nomination application within the prescribed time-frame (currently 90 days) a visa cancellation will not be considered, however, where a 457 visa holder has stopped work and a new nomination has not been lodged, the Cancellations Team will send a Notice of Intention to Consider Cancellation (NOICC) to the visa holder. This will not automatically result in a visa cancellation as you will be given an opportunity to respond, however it is critical you understand your visa conditions and your options to remain in Australia.
Contact Southern Cross Alliance and speak to one of our Registered Migration Agents to understand your options.