Support & Confidence from Directors, C-Levels & Non-Executive Directors, page-85

Conversion of performance rights into ordinary stock is an income tax event for the recipient and is true in the sense that they will be obliged to pay actual money to the tax office (cet par, of course). The recipient will include the value of the stock on the issue date as ordinary income and (if I recall correctly, as I'm not a tax accountant, but from my own experience), the cost base for the stock will be the issue price. There won't be a CGT event triggered until the recipient sells.

The reason for the income tax being triggered is that there was no income when the performance rights were originally issued - the recipient benefits by deferring their tax to the future, when the ordinary stock is issued.

Naturally, people should consult their tax accountant rather than some HC post, so this is not advice.