Jong is a carpenter and runs his own business building and installing kitchen cupboards.

Jong decided to sell his business and to retire when he was aged 53 years.
Jong sold his business premises for $680,000 on 1 May 2016. He had inherited this
building on the death of his father in June 2006. Jasons father was also a carpenter and had
acquired the building in 1998 for $60,000 and it was valued at $520,000 at the time of his death.
The company that bought the business premises from Jong paid him an additional
$25,000 for his promise not to carry on another carpentry business in the local area for three
years from 1 May 2016. Jong has a carry forward capital loss of $31,000 as at 30 June 2015 from
the sale of shares.
1. Assuming Jong is not entitled to the small business CGT concessions, advise him on the
CGT consequences of these transactions.
2. Assuming Jong is entitled to the small business CGT concessions, explain how these may
apply to the capital gains made by Jong

Advice on Capital gain tax consequences not entitled to small business CGT concessions
Capital gain tax consequences- assuming he is entitled to small business CGT consequences