Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

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

	Year Ended
	June 30,		June 30,
	2016		2015

Current Taxes	$	(72,538)	$	(77,470)
Deferred Taxes		-		-
Income Taxes Expense (Benefit)	$	(72,538)	$	(77,470)

Schedule Of Differences Between Income Taxes And Provision For Income Taxes [Table Text Block]

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,
	2016					2015
	Amount		Impact on Rate			Amount		Impact on Rate

Income Tax Expense (Benefit) at Australia Statutory Rate	$	(2,190,750)		(23.10)	%	$	(672,087)		(19.26)	%

Expenses Paid by Parent on Behalf of Foreign Subsidiary		1,113,419		11.74	%		156,410		4.48	%

R&D Refundable Tax Credit		(72,538)		(0.76)	%		(77,470)		(2.22)	%

Reduction of NOL Carryforward Due to R&D Tax Credit		72,538		0.76	%		77,470		2.22	%

Change in Deferred Tax Valuation Allowance		900,761		9.50	%		(355,636)		(10.19)	%

Foreign Exchange Rate Changes		104,032		1.10	%		793,843		22.74	%

Total Income Tax Expense (Benefit)	$	(72,538)		(0.76)	%	$	(77,470)		(2.22)	%

Schedule Of Deferred Income Taxes [Table Text Block]

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Significant components of the Company's net deferred income taxes are as follows:

	June 30,		June 30,
	2016		2015
Current Deferred Tax Assets
Warrant Derivative Liability	$	23,818	$	88,204
Provision for Annual Leave		27,966		21,426
Superannuation		-		-
Total Current Deferred Tax Assets	$	51,784	$	109,630

Current Deferred Tax Liabilities
Prepaid Investor Services	$	-	$	-
Prepaid Expenses		6,198		-
Prepaid Insurance		-		-
Accounts Payable/Trade Creditors		-		-
Patent Costs		-		-
Total Current Deferred Tax Liabilities	$	6,198	$	-

Non-Current Deferred Tax Assets
Prepaid Investor Services	$	378,409	$	185,025
Capital Raising Costs		22,489		23,261
Legal Costs		22,801		23,583
Intellectual Property		11,226		11,612
Patent Costs		91,408		59,995
Formation Expense		6,881		7,117
Net Operating Loss Carryover		4,155,936		3,426,149
Foreign Exchange Loss (OCI)		(39,379)		(30,290)
Total Non-Current Deferred Tax Assets		4,649,771		3,706,452
Deferred Tax Valuation Allowance		(4,707,753)		(3,816,082)
Total Non-Current Deferred Tax Assets		(57,982)		(109,630)

Total Deferred Tax Assets (Net)	$	-	$	-