How to record company set up fees?

How to record company set up fees?

Hi all,

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?

Thanks!

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