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Solana Bribie Island
Downsizing Into Superannuation
Your super is your future, whether now or in a year or two. On the 1st of July 2018, the government introduced the Contributing the proceeds of downsizing into superannuation measure. If you are 65 years or older and meet eligibility requirements you may boost your super by making a downsizer contribution of up to $300,000 from the proceeds of selling your home. This can be $600,000 if you are a couple. For those who are eligible to utilise the downsizer contribution, this a great way to make a positive lifestyle change and still put money away.
What do you need to know?
- Though this new contribution has been labelled the “downsizer” contribution, you don’t actually have to purchase a smaller home in the process. As long as you are a homeowner, aged 65 or older, and are selling your home, then you are not required to purchase another home in order to qualify for the contribution.
- The downsizer contribution must be made into your Super account within the first 90 days after change of ownership/settlement of your property.
- You need to have owned your residence for at least 10 years, and it must be considered the family home under the capital gains laws.
- Remember that caravans, houseboats, and mobile homes do not qualify.
- Age Pension eligibility could be affected by any remaining assets from your home sale.
- Your contribution is not eligible for a tax deduction.
Solana: What’s in a Name?
First impressions last. And a name is typically the first thing you learn about a person or a place. A name can draw you in or put you off. It can evoke an emotional response or draw on a memory. Almost always, a judgement is made based solely on a name, even if it is a subconscious response. Whether it’s a baby, a park, or a housing development, ultimately the choice of name will lend to the first impressions. That’s why we put so much thought and care in to choosing the name Solana for our Lifestyle Resort.
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Solana is a spanish word for the “sunny side” of a valley or a mount. It’s also defined as “sunshine” when used as a baby name. The urban dictionary defines Solana as “beautiful” and “perfect”. We believe Solana Bribie Island captures all of these meanings! It’s a fun and carefree word, one that brings to mind sunny skies and tropical breezes. Solana Bribie Island is all about the simple life, the island life, and we want our residents to feel the resort lifestyle Solana offers.
We wanted to create a community that fosters a sense of belonging, and enhances the lifestyle of our residents. With fabulous facilities and an easy way of life, we felt that deserved a name that would welcome and embrace both residents and visitors alike. The name Solana brings a positive energy to the community and residents can take pride in being able to say they live in Solana Bribie Island, where’s there’s plenty of sunshine for everyone!