Long story short
I have some shares in a gold mining co listed on the TSX (Toronto Stock exchange) held in a DRS (Direct Registration System) that was given to me from a asset sale (divestment) by a mining company listed on the ASX years back.
My understanding is that the shares would be a capital return so can claim capital gains / losses when I sell.
But the ATO has ruled these shares is not a capital return but a special dividend.
So now I need to find a way to get the shares sold to cover the tax liability after doing the amendment for that year.
My only option is to transfer to one of the international brokers
Anyone had the unfortunate experience of dealing with DRS? Which brokers should I pick?
I've been told RBC and TD securities in Canada charge $300 for transfer which is damn expensive given the shares have gone down in value (and they've done nothing since)
Currently I'm looking at Interactive Brokers but they do request that there is $200 in your account just in case there are issues.
I'm thinking of filing an appeal to the ATO. given the holding value has fallen. But not sure about the timeframe for doing this.