Sell / Buy / Consolidate???? AAAARRRRGGGH

Ok,

so here is a breakdown of my situation:-

Male
41
Single
No dependants, never married

Current live in property in Queenscliff NSW,
Value – 560k
Mortgage – 310k

The problem……

….I’d like to do something with that equity, but, my business that I have been the sole director of for 5 years has just been slugged with a tax bill of 60-70k, plus the business overdraft is sitting on 55k. I’ve had some health issues over the last 24 months, now resolved, so I took a job with a bank as their electrical engineer (full time). The business is still running, but I only do the odd job here and there. Total expected profit/income per year is 20-30k…..

….. that wasn’t really the problem now was it?????

Here is the REAL problem…… NO-ONE wants to lend me anything due to my tax debt and the fact that I’ve only been employed 6 months. The business provided an income of 100-120k per year whilst I was running that full time. But there seems to be a real issue with the banks lending me anything.

My options (that I’ve thought of):-

1. Sell my property (that I live in) pay off all business debts, leaving me with approx 180k. Then use that 180k to but a high rental return property (providing around 220 per week return – after expenses). My income then will be
101k (from current job)
25k from business on the side
10k from rental
136k income per year total (GROSS)

2. find someone who will lend me a few hundred k, buy a property similar to the one above, get a small amount of income from that (very small) and try and grind my way through a payment plan with the ATO and the bank for the overdraft (Interest expenses alone on these debts is about 1k per month!)

All advice appreciated….

Pete