There is a simple case question about Australian Taxation (ACCG924). Can anyone solve it?

Question:

Jong is a carpenter and runs his own business building and installing kitchen cupboards. Jong decided tosell his business and to retire when he was aged 53 years.Jong sold his business premises for $680,000 on 1 May 2016. He had inherited this building on the death ofhis father in June 2006. Jasons father was also a carpenter and had acquired the building in 1998 for$60,000 and it was valued at $520,000 at the time of his death.The company that bought the business premises from Jong paid him an additional $25,000 for his promisenot to carry on another carpentry business in the local area for three years from 1 May 2016. Jong has acarry forward capital loss of $31,000 as at 30 June 2015 from the sale of shares.1. Assuming Jong is not entitled to the small business CGT concessions, advise him on the CGTconsequences of these transactions.2. Assuming Jong is entitled to the small business CGT concessions, explain how these may apply tothe capital gains made by Jong