We are starting out our company in Australia and would appreciate any help with setting up Books accounts.
We paid an accountant to do company registration, TFN, company constitution, etc. I heard these all can be recorded as Incorporation Costs, which is an intangible asset account, and amortised over 5 years. Is this the correct way to do it under the current Australian tax regulations? How and when exactly should I record the initial entry and each year's amortasation in Books?
Generally what are considered Incorporation Costs? Do logo and product design fees count? If not, how do I record such expenses for intangible assets?