Many people decide to exercise their rights or options to acquire new shares or units rather than sell them. In this case, no CGT is payable at the time you exercise the rights or options unless the right or option is to acquire units and was issued by the trustee prior to 28 January 1988.
The acquisition date of the shares or units is the date of exercise of the rights or options.
If you exercise the rights or options on or after 20 September 1985, some special rules apply for calculating the cost base and reduced cost base of shares or units acquired as a result. These rules are outlined below (but do not apply to a right or option to acquire units that was issued by the trustee prior to 28 January 1988).