Question 2 – Small Business Concession (15 Marks) (Suggested length 700 words) You are required to discuss the CGT consequences for Cameron Tuck arising from the following facts: (i) Cameron Tuck and Vince Lim incorporated Tuck Lim Pty Ltd (“TLPL”) on 1 July 1999 from which they run a software business. (ii) Cameron and Vince each own 50 shares in TLPL which were issued for $1 each. (iii) In 2007 Cameron and Vince each sold 11 of their shares to Linda Kwan at the then market value of $500,000 and agreed to defer payment until the business was sold. (iv) During 2013 Cameron and Vince each turned 55 years of age and agreed to sell the business. (v) Cameron did not wish to retire completely and so in December 2013 he used the proceeds from the sale of the business to purchase a bookshop. (vi) For the 6 months to 30 June 2015 the turnover of the bookshop was $50,000. (vii) For the year ended 30 June 2015 the turnover for TLPL was $100 million. (viii) In September 2015 Macroboard Pty Ltd (“MPL”) agreed to buy TLPL for $30 million. NOTE: Your answer must be supported by references to relevant provisions, caselaw and/or tax rulings.