INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2015

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

	Year Ended
	June 30,		June 30,
	2015		2014

Current Taxes	$	(77,470)	$	(48,267)
Deferred Taxes		-		-
Income Taxes Expense (Benefit)	$	(77,470)	$	(48,267)

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,				June 30,
	2015				2014
			Impact on				Impact on
	Amount		Rate		Amount		Rate

Income Tax Expense (Benefit) at Australia Statutory Rate	$	(672,087)	(19.26)	%	$	(274,229)	(31.24)	%

Expenses Paid by Parent on Behalf of Foreign Subsidiary		156,410	4.48	%		92,480	10.54	%

R&D Refundable Tax Credit		(77,470)	(2.22)	%		(48,267)	(5.50)	%

Reduction of NOL Carryforward Due to R&D Tax Credit		77,470	2.22	%		48,267	5.50	%

Change in Deferred Tax Valuation Allowance		(355,636)	(10.19)	%		260,533	29.68	%

Foreign Exchange Rate Changes		793,843	22.74	%		(127,051)	(14.47)	%

Total Income Tax Expense (Benefit)	$	(77,470)	(2.22)	%	$	(48,267)	(5.50)	%

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

	June 30,		June 30,
	2015		2014
Current Deferred Tax Assets
Warrant Derivative Liability	$	88,204	$	28,209
Provision for Annual Leave		21,426		18,848
Superannuation		-		3,815
Total Current Deferred Tax Assets	$	109,630	$	50,872

Current Deferred Tax Liabilities
Prepaid Investor Services	$	-	$	-
Prepaid Expenses		-		-
Prepaid Insurance		-		-
Accounts Payable/Trade Creditors		-		-
Patent Costs		-		-
Total Current Deferred Tax Liabilities	$	-	$	-

Non-Current Deferred Tax Assets
Prepaid Investor Services	$	185,025	$	751,917
Capital Raising Costs		23,261		28,622
Legal Costs		23,583		29,019
Intellectual Property		11,612		14,288
Patent Costs		59,995		59,473
Formation Expense		7,117		8,757
Net Operating Loss Carryover		3,426,149		3,259,060
Foreign Exchange Loss (OCI)		(30,290)		90,859
Total Non-Current Deferred Tax Assets		3,706,452		4,241,995
Deferred Tax Valuation Allowance		(3,816,082)		(4,292,867)
Total Non-Current Deferred Tax Assets		(109,630)		(50,872)

Total Deferred Tax Assets (Net)	$	-	$	-