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RE: How do I set up an Intangible Asset Account correctly

MySF2 — Wed, 16 Dec 2009 23:08:18 GMT

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

How do I set up an Intangible Asset Account correctly

scott — Wed, 16 Dec 2009 04:43:33 GMT

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