General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.19.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefits)

The components for the provision for income taxes are as follows:

 

    Year Ended  
    June 30, 2018     June 30, 2017  
             
Current Taxes   $ (278,320 )   $ (305,673 )
Deferred Taxes     -       -  
Income Taxes Expense (Benefit)   $ (278,320 )   $ (305,673 )

Schedule of Difference Between Income Taxes and Provision For Income Taxes

The items accounting for the difference between income taxes at the Australia statutory rate and the provision for income taxes are as follows:

 

    Year Ended  
    June 30, 2018     June 30, 2017  
    Amount     Impact on
Rate
    Amount     Impact on
Rate
 
                         
Income Tax Expense (Benefit) at Australia Statutory Rate   $ (2,325,482 )     (32.22 )%   $ (1,830,192 )     (22.39 )%
                                 
Expenses Paid by Parent on Behalf of Foreign Subsidiary     159,944       2.22 %     922,125       11.28 %
                                 
R&D Refundable Tax Credit     (179,307 )     (2.48 )%     (305,673 )     (3.74 )%
                                 
Reduction of NOL Carryforward Due to R&D Tax Credit     179,307       2.48 %     305,673       3.74 %
                                 
Change in Federal Tax Rates     (99,013 )     (1.37 )%     -       0.00 %
                                 
Change in Deferred Tax Valuation Allowance     1,005,570       13.93 %     881,596       10.79 %
                                 
Foreign Exchange Rate Changes     980,661       13.59 %     (279,202 )     (3.42 )%
                                 
Total Income Tax Expense (Benefit)   $ (278,320 )     (3.86 )%   $ (305,673 )     (3.74 )%

Schedule of Deferred Income Taxes

Significant components of the Company’s net deferred income taxes are as follows:

 

    June 30, 2018     June 30, 2017  
Current Deferred Tax Assets                
Warrant Derivative Liability   $ 7,403     $ 8,460  
Provision for Annual Leave     44,969       36,190  
Superannuation     4,041       99  
Total Current Deferred Tax Assets   $ 56,413     $ 44,749  
                 
Current Deferred Tax Liabilities                
Prepaid Investor Services   $ 18,378     $ 16,966  
Total Current Deferred Tax Liabilities   $ 18,378     $ 16,966  
                 
Non-Current Deferred Tax Assets                
Prepaid Investor Services   $ 335,175     $ 426,664  
Capital Raising Costs     23,559       23,325  
Legal Costs     23,885       23,648  
Intellectual Property     11,760       11,643  
Patent Costs     171,195       128,950  
Formation Expense     7,208       6,881  
Net Operating Loss Carryover     5,668,743       4,215,141  
Foreign Exchange Loss (OCI)     (39,379 )     (39,379 )
Total Non-Current Deferred Tax Assets     6,202,146       4,796,873  
Deferred Tax Valuation Allowance     (6,276,937 )     (4,858,588 )
Total Non-Current Deferred Tax Assets     (74,791 )     (61,715 )
                 
Total Deferred Tax Assets (Net)   $ -     $ -