How do I set up an Intangible Asset Account correctly

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scott

Posted 16/12/2009 4:43:33 AM

Advanced Member

Group: Forum Members
Last Login: 30/08/2010 1:41:22 AM
Posts: 69, Visits: 177

Hi,

I hold a geared property in my Super Fund. To comply with the law the asset is held in a special purpose company. My accountant wants me to record the legal costs associated with establishing the company as an account called "Intangible Asset- Company Formation Costs". Can you step me through the right way to set this account up please?

Regards

Post #4451

MySF2

Posted 16/12/2009 11:08:18 PM

MySF Administrator

Group: Administrators
Last Login: 17/05/2010 6:31:15 PM
Posts: 464, Visits: 632

Hi,

Is this something that you will depreciate over time (such as the cost of setting up an SMSF?)? If that us the case then please create a physical asset class called something like 'Fees to depreciate' and add this as a physical asset with blank address etc.

However, if this cannot be depreciated and then you could create a financial asset class of the same name and add an asset into that.

Please let us know if this information helps.

Regards,

MySF

Post #4454

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