Step 1a - If you've held longer than 12 months, sell your...

Step 1a - If you've held longer than 12 months, sell your options on market to take advantage of CGT discount (provided of course significant liquidity/price on offer in market etc...)

Example ($1 T/O):
You purchased 100k IMUOB at 0.02. Ignoring brokerage your cost base is $2,000. Lucky you.

You sell on market at 0.94 (an estimate allowing for 2cents per share profit for whoever purchases and converts your on market options, this is just an example and the haircut may differ). Sale value is $94,000.

Cost base is $2,000.
Sale value is $94,000.
Your capital gain is $92,000.
Apply 50% CGT Discount - your capital gain is now $46,000.
$46,000 x whatever income tax rate applies to you (let's say 37cents) = tax payable of $17,020.

After tax value = $76,980.

Step 1b - If you've held less than 12 months, do whichever option makes you happy / how much you value the immediacy of funds. You will lose a small % selling on market, but receieve funds sooner.

Example ($1 T/O):
You purchased 100k IMUOB at 0.02. Ignoring brokerage your cost base is $2,000. Lucky you.

You pay $4,000 to convert to ordinary IMU shares, which are eventually taken over for $1.

Cost base is now $6,000.
Sale value is $100,000.
Capital Gain is $94,000.
No discount, so $94,000 x applicable tax rate (again using 37cents as example) = tax payable of $34,780.

After tax value = $65,220 (but keep in mind you have spent an extra $4,000 in exercising options).

Step 2 - Ignore shemara, some people forget we all started out asking questions.