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The API magazine have done a couple of articles on car parks. The latest was in their November 2009 issue.
They had a case study from someone who purchased one – he did it because he didn't have a car space for his job and so he bought one for use at that time. He purchased it with cash, was able to sub-lease it if he wanted to, had to pay body corporate rates on it, it came with its own title.
I looked into it (was going to do it from my superannuation fund at the time), couldn't see that the numbers worked and wasn't sure whether or not it could be insured. So decided to stay clear of them.
DAMProperty | DAM Accounting Services
https://www.damaccountingservices.com.auIf you are self-employed (sole trader) you can do the same thing on your BAS Return. Only problem is that you probably don't know your earnings so it makes it a bit hard.
The actual name for this is the PAYG Withholding Variation Application. Or 15-15 form. The name changed from 221D some years ago. Here is the link from the ATO's website if you are interested in doing it yourself.
http://www.ato.gov.au/content/00188348.htm
Willo352 – if you are looking for someone to do it for you then I may be able to help. My business does this for people. I call it a Cashflow Report. If you are interested have a look at my website http://www.damaccountingservices.com.au and contact me there.
DAMProperty | DAM Accounting Services
https://www.damaccountingservices.com.auI'm a bit late in replying and can see that Terryw has answered your question.
DAMProperty | DAM Accounting Services
https://www.damaccountingservices.com.auDid you set up the $45k as a separate loan on your PPOR?
DAMProperty | DAM Accounting Services
https://www.damaccountingservices.com.au
