On 1 July 2019, Micah Wong, a resident taxpayer aged 58, sold his mortgage broking business for $2675000 and retired (he was a sole trader). The proceeds are entirely for goodwill and the cost base for this asset consists solely of second element costs on disposal of $35000. Micah commenced business in 2010 and does not have any other current or prior year capital gains or losses. His business satisfies the requirements of Subdivision 152-C.

Calculate the net capital gain for the 2019/20 year.

Gain on sale of business ? What is the Gross Capital Gain

--Discount ? 50% Capital Gain discount

-- Small business active asset reduction ?

--Small business retirement concession ?

= Net capital gain ?