Brian runs a small retail business as a sole trader. After many years of hard work, he decided to sell his business and other assets in New South Wales and moved to New Zealand and retired when he was aged 49 years.

A small retail business

Brian acquired the shop on 21 June 1998 for $450,000 for running his retail business. He sold the shop on 21 June 2022 for a net consideration of $1,000,000. The agreed value of the assets at the date of transfer were as follows:

Shop $900,000

Trading stock $60,000

Depreciating assets $40,000

Additional Information:

• Brian will receive a further $90,000 in 2026 for signing a contract not to open another business within a 5 km radius for the next 3 years.

Brian also sold the following assets on 25 June 2023:

• a yacht acquired in 2016 for $20,000 and sold for $11,000
• collection of stamps acquired on 30 June 2022 for $13,000 and sold for $18,500
• Vase from Elizabethan era purchased on 3 March 2001 for $12,000 and sold for $1,000 because it turned out to be a fake.

Brian had given various items of furniture and his books and music to his brother and total value was $9,000 as at 25 June 2023. Brian left Australia on 30 June 2023 and at that time he ceased to be a resident. When Brian left Australia, he still owned the following assets:

• a house: Brian purchased a house in Sydney on 1 January 2018 for $750,000 and lived in the house until he decided to leave Australia on 30 June 2023. The market value is $1,300,000 as at 30 June 2023.
• A small parcel of shares in ANA (public-listed company). The 1000 shares were acquired on 1 June 2019 at $15 per share with share brokerage fees of $30. The market value is $30 per share as at 30 June 2023.

Brain has a carry forward capital loss of $160,000 as at 30 June 2022 from the sale of shares

Advise Brian on the tax consequences (if any) arising from above transactions and calculate Brian's CGT