Jack and Jim own a company, Coolio Pty Ltd which carries on a business of importing and wholesaling costume jewelry. The company owns a warehouse from which it conducts its business. The turnover of the business for the year is $2.75 million. Jack and Jim decide to move to larger premises nearby and Coolio Pty Ltd sells the warehouse. The warehouse has been used by the company as its business premises for six of the nine years the warehouse was owned and the warehouse was used as business premises immediately before its disposal. A capital gain of $600,000 is made on the disposal of the warehouse, which was sold on 1st January 2020. Coolio Pty Ltd has no prior year net capital losses. Jack and Jim have owned the issued shares of the company equally since incorporation on 1 July 2010. Jack is aged 58 and Jim is aged 59. 

The net value of the assets of the company, including goodwill, is $3.75 million. the net value of the assets owned by Jack, who was previously a singer, is $1.7 million and the net value of Jim’s investment assets is $500,000. Jack's home is also valued at $850,000. Jack has previously claimed a CGT retirement exemption amount of $200,000 when he sold the rights to an autobiography titled “Jack and Jill went up the hill”.

Required 

a) Advice Jack and Jill on the CGT implications of selling the warehouse, including any CGT exemptions that may be applicable. 

b) What if instead of selling the warehouse Jack and Jill wanted to sell the shares in the business and retire? Outline the implications of this option.