Aiden has been operating a printing and stationery supply business since November 2010. In April 2023, he agreed to sell his business and the land and buildings on which it is located for a total price of $1,200,000. A contract for sale was executed on 22 April 2023 and settlement took place on 8 June 2023.

The following items were included in the sale at the amount listed, with the balance of the sale price to be allocated to goodwill.

Trading stock	$60,000
Plant & equipment	$90,000
Fixtures & fittings	$30,000
Land & Buildings	$780,000

In addition to the sale proceeds, Aiden also received a payment of $50,000 to not compete with the new owners within a radius of 10km for at least the next three years. This contract was also signed on 22 April 2023.

Thefollowing further information has been provided:

1. Cash at bank on settlement date was to be retained by Aiden.
2. Debtors (Accounts Receivable) owing on settlement date were to be collected by Aiden.
3. Aiden turned 53 years old on 10 March 2023.
4. The land and buildings were purchased by Aiden in September 2011 and the total cost base to him was $470,000.
5. Goodwill was purchased with the business by Aiden in November 2010 at a value of $70,000.
6. Aiden does not intend to retire but instead is taking up employment in his brother's handyman business.
7. Aiden is single, with no dependents.

Required

1. With reference to relevant Australian legal authority and using the ILAC approach, advise Aiden of the taxation consequences of the above transactions.