I have started a Pty for a buy-to-let setup as I understand this is the best way to avoid heavy taxes on Rental income in a personal capacity.
I need help with a few accounting principles and searched on the threads but was not able to find anything, so I hope starting a new thread is in order?
So the company is registered and we are 2 directors sharing equity in the business as per our Capital inputs.
We are in the process of buying the first property and have just paid the Legal fees for the transfer of a property(Under 750K so no Transfer Duty)
My questions is do you capitalize this amount as part of the asset or is this an expense that needs to be allocated under other expenses(Legal Fees)?
additionally do you do the same with the Bond Registration cost?
Looking forward to the responses!