Yes....check with your accountant. You don’t create a CGT event...

Yes....check with your accountant. You don’t create a CGT event on conversion, only when you sell the newly acquired shares from conversion. This part of the ATO refers to treatment of the new base value of the converted options. Again, I’m not an accountant and this is not advice. All IMO. Cheers

“Exercising rights or options to acquire shares or units
Many people decide to exercise their rights or options to acquire new shares or units rather than sell them. In most cases, no CGT is payable at the time you exercise the rights or options.”