Ken entered into a contract to purchase two retail store premises in June 2003. The cost of each was $300,000, with stamp duty of $20,000 each. Settlement was during August 2003.He used these retail premises (which had been previously unoccupied) to commence a business that sold furniture to the public.During the time that Ken owned the store, they each had an annual aggregated turnover of approximately $3 million.During November 2019, Ken, who was 53 at the time, wanted to have more spare time and not carry on a business anymore.He had found that although his turnover was high, after costs his profitswerevery modest.As a result, he entered into the following contract with Jane:The first of the two furniture premises was to be sold to Jane for $1,200,000,and the goodwill attached to it soldto Janefor $400,000.The second store was to be rented to Jane for a two year lease (with an option to renew for another two year period). Rent was set at $2,000 a month, with an upfront lease premium of $25,000 payable. Jane was to pay Ken $200,000 to not compete with her for the following 3 years.At the time of the November 2019 contract, Ken owned the following assets:Full ownership of a main residence in Hawthorn, worth $3 million.42% ownership of a company called PI Pty Ltd, which invests in rural properties. The total market value of PI Pty Ltd was $300,000. 80% share on an investment property (Ken's cousin owns the other 20%). The total value of the property was $500,000.It had a $300,000 mortgage over it.Superannuation worth $1.5 million.Shares in BHP worth $200,000.An apartment in Kew (see below)On 1 December2015 Ken had bought an apartment in Kew to live in. This cost him $400,000. After living in it for 2 years, on 1 December 2017,Ken bought and moved into his Hawthorn house (mentioned above),which he from that point on claimed as his main residence. At the time, his apartment in Kew was worth $500,000, which he immediately rented out. The Kew apartment was sold for $510,000 in December 2019. 5Advise Ken as to the CGT consequences regarding the 2019-20 tax year. In doing so please discuss Ken's ability to utilise the CGT Small Business Concessions. Please also include a discussion of the Net Capital Gain made by Ken for the 2019-20 tax year.