This is a question I seem to be answering more and more regularly, so I decided to document my answer in a public location. Unfortunately to answer this question I need to background how ADSL in New Zealand works.
In New Zealand the DSL Network operates using the PPPoA standard. (Point to Point Protocol over ATM). The simple way of understanding it is as follows:
- It uses PPP, much like a Dialup Connection. When you login you're issued the information required to use the internet Automatically, via standard Radius.
- It is carried via Asychronous Transfer Mode (ATM) at Layer 2. (For information on the OSI Reference Model with regard to Layers, refer to http://www2.rad.com/networks/1994/osi/layers.htm)
- This makes us different to Australia, and many parts of the USA and Europe which use PPPoE (PPP over Ethernet) systems to deliver ADSL. -- For an analysis of the Advantages and Disadvantages of either protocol refer to http://www.cisco.com/warp/public/794/pppoa_arch.html. This was the referenced article from a post to the NZ ADSL Discussion list at http://www.unixathome.org/adsl/archives/2002_02/0305.html.
One side effect of the use of PPPoA and its implimentation in NZ is that only One real world IP address can be assigned per Connection over ADSL (Jetstream). This is a limitation put in place by the Architecture - not by any ISP.
This does not preclude the use of VPNS. Many customers successfully impliment VPN Technology. How this is done depends on the equipment chosen and the type of VPN.
DSL Equipment in New Zealand can be classified into 3 types.

Example of External Router Setup, from Cisco.com
As is obvious, Routers are preferred by users in multiple-OS or multiple-PC environments for their relative ease of use for a shared connection. Standard TCP/IP ethernet connections are easily implimented and scaled so that the entire LAN may access the Internet. The NAT also provides a basic layer of security from Trojans, Worms and similar (because inbound traffic can't pass through the ADSL Router to the RFC1918 address space without having been specifically allowed to). Routers are also relatively easy to manage remotely, as most are controlled through a combination of Telnet, a Web Interface, or a Serial Cable Connection - all of which are standard means of administering routing equipment.
The NAT is what causes the big headaches. NAT is quite a clever technology - allowing multiple PCs to access the Internet using only one real world IP address. The problem is that because of the single IP, there is no way for inbound traffic to determine exactly which of the Internal computers is the actual target. The Real World IP being targetted is held on the ADSL router, and unless the ADSL Router has a way of knowing where to forward the traffic in the RFC1918 space behind, its going to stop there.
The way that this forwarding is handled is using a facility called 'Pinholing' or 'Port Forwarding' or 'Nat Redirection' or 'DMZ'ing - depending on how its implimented.
What happens is that the Router is configured to forward certain types of traffic to a specified location. This traffic type is usually identifed by a Destination Port and Protocol, and the specified location is the RFC1918 address of the target machine inside the network.
For example consider this:
The machine identified as "Firewall External Interface" is on the LAN segment immediately behind the Router, and holds the IP of 192.168.1.1. As an example we can assume that this machine is running a Web Server, and that the Real World Static IP address is being resolved in the DNS as www.example.com.
When a computer addresses www.example.com in their browser an outbound connection is made to the IP this resolves to on Destination port 80, TCP. This IP is held on the ADSL Router, and would ordinarily stop there. However when a Pinhole exists on the Router which says 'Traffic on Port 80 TCP, forward to 192.168.1.1' - This will transparently forward the connection through to the Waiting webserver on 192.168.1.1. The Requesting-PC never knows theyre actually talking to a seperate, second device behind the ADSL Router.
The forwarding rules can be as specific or as broad as the router itself permits. The term DMZ (De Militarized Zone) indicates that *all* Ports and Protocols have been forwarded. This is useful when you want to install a Dedicated firewall which then does the port forwarding/security of your network for you - as per the above example.
The specifics of how to make this work will depend on the Protocol your VPN uses. You need to be able to create a Pinhole (or Pinholes) for the protocol you wish to use, through to the Internal IP of the computer that terminates the connection. For example, PPTP requires TCP Port 1723 to be forwarded.
By Mark Foster, February 2004.