Ann: Change of Director's Interest Notice, page-49

Yenom, CGT is incurred at the time of exercise of "no-cost" options granted to directors

Please efer to the ATO website:

https://www.ato.gov.au/General/Capital-gains-tax/Shares,-units-and-similar-investments/Rights-and-options-to-acquire-shares-or-units/Work-out-the-correct-treatment-of-rights-or-options/

No-cost rights or options
.....
The shares or units you acquired when you exercised the rights or options are subject to CGT. The acquisition date of the shares or units is the date you exercised the rights or options. The first element of the cost base and the reduced cost base of the shares or units is the sum of the cost base of the rights or options at the time of exercise, the amount you pay for the shares or units when you exercise the rights or options, and any amount included in your assessable income because you exercised the rights or options on or after 1 July 2001.