Annual report pursuant to Section 13 and 15(d)

8. INCOME TAXES (Details 2)

8. INCOME TAXES (Details 2) (USD $)	Jun. 30, 2012	Jun. 30, 2011
Current Deferred Tax Assets
Provision for annual leave	$ 12,630	$ 10,832
Superannuation	4,114
Total Current Deferred Tax Assets	16,744	10,832
Current Deferred Tax Liabilities
Prepaid Investor Services		(323,377)
Prepaid expenses
Prepaid insurance
Accounts Payable/trade creditors
Patent Costs		(226)
Total Current Deferred Tax Liabilities		(323,603)
Non-Current Deferred Tax Assets
Prepaid Investor Services	2,284,981
Capital Raising Costs	30,870	32,195
Legal Costs	30,948	32,277
Intellectual Property	15,410	16,071
Patent Costs	23,518
Formation Expense	9,445	9,850
Net Operating Loss Carryover	1,893,262	1,316,442
Foreign Exchange Loss (OCI)	107,675	36,056
Total Non-Current Deferred Tax Assets	4,396,109	1,422,891
Deferred Tax Valuation Allowance	(4,412,853)	(1,130,120)
Total Non-Current Deferred Tax Assets	(16,744)	312,771
Total Deferred Tax Assets (Net)