8. INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2012

	Year Ended
	June 30,					June 30,
	2012					2011
	Amount		Impact on Rate			Amount		Impact on Rate

Income Tax Expense (Benefit) at Australia Statutory Rate	$	(3,482,491)		(30.00)	%	$	(670,967)		(30.00)	%

Stock Based Compensation		-		0.00	%		-		0.00	%

R&D Refundable Tax Credit		(173,928)		(1.50)	%		(84,581)		(3.78)	%

Reduction of NOL Carryforward Due to R&D Tax Credit		173,928		1.50	%		84,581		3.78	%

Deferred Tax Valuation Allowance		3,211,114		27.66	%		720,710		32.22	%

Foreign Exchange Rate Changes		97,449		0.84	%		(134,324)		(6.01)	%

Total Income Tax Expense (Benefit)	$	(173,928)		(1.50)	%	$	(84,581)		(3.79)	%

	June 30,		June 30,
	2012		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)	$	-	$	-