Ken entered into a contract to purchase two retail storepremises in June 2003. The cost of each was $300,000, with stampduty of $20,000 each. Settlement was during August 2003.He usedthese retail premises (which had been previously unoccupied) tocommence a business that sold furniture to the public.During thetime that Ken owned the store, they each had an annual aggregatedturnover of approximately $3 million.During November 2019, Ken, whowas 53 at the time, wanted to have more spare time and not carry ona business anymore.He had found that although his turnover washigh, after costs his profitswerevery modest.As a result, heentered into the following contract with Jane:•The first of the twofurniture premises was to be sold to Jane for $1,200,000,and thegoodwill attached to it soldto Janefor $400,000.•The second storewas to be rented to Jane for a two year lease (with an option torenew 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 payKen $200,000 to not compete with her for the following 3 years.Atthe time of the November 2019 contract, Ken owned the followingassets:•Full ownership of a main residence in Hawthorn, worth $3million.•42% ownership of a company called PI Pty Ltd, whichinvests in rural properties. The total market value of PI Pty Ltdwas $300,000. •80% share on an investment property (Ken's cousinowns 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 tolive in. This cost him $400,000. After living in it for 2 years, on1 December 2017,Ken bought and moved into his Hawthorn house(mentioned above),which he from that point on claimed as his mainresidence. 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 consequencesregarding the 2019-20 tax year. In doing so please discuss Ken'sability to utilise the CGT Small Business Concessions. Please alsoinclude a discussion of the Net Capital Gain made by Ken for the2019-20 tax year.