Yvonne, 53, and Frank, 56, are married and run a partnership together. They have agreed to sell their business for $3 million, (purchased in 2010 for $1 million) and will retire. Their business is an 'active asset'. Apart from their family home and cars, they have no other assets.

Explain the CGT concessions that may be available to them as small business owners; including how much tax they will pay on the $2,000,000 gain made on sale.