Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 2)

v2.4.0.8
INCOME TAXES (Details 2) (USD $)
Jun. 30, 2014
Jun. 30, 2013
Total Current Deferred Tax Assets $ 50,872 $ 18,512
Current Deferred Tax Liabilities    
Total Current Deferred Tax Liabilities 0 0
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 4,241,995 3,996,340
Deferred Tax Valuation Allowance (4,292,867) (4,014,852)
Total Non-Current Deferred Tax Assets (50,872) (18,512)
Total Deferred Tax Assets (Net) 0 0
Warrant derivative liability [Member]
    
Total Current Deferred Tax Assets 28,209 0
Provision for annual leave [Member]
    
Total Current Deferred Tax Assets 18,848 14,813
Superannuation [Member]
    
Total Current Deferred Tax Assets 3,815 3,699
Prepaid Investor Services [Member]
    
Current Deferred Tax Liabilities    
Total Current Deferred Tax Liabilities 0 0
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 751,917 1,393,309
Prepaid expenses [Member]
    
Current Deferred Tax Liabilities    
Total Current Deferred Tax Liabilities 0 0
Prepaid insurance [Member]
    
Current Deferred Tax Liabilities    
Total Current Deferred Tax Liabilities 0 0
Accounts Payable/trade creditors [Member]
    
Current Deferred Tax Liabilities    
Total Current Deferred Tax Liabilities 0 0
Patent Costs [Member]
    
Current Deferred Tax Liabilities    
Total Current Deferred Tax Liabilities 0 0
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 59,473 32,425
Capital Raising Costs [Member]
    
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 28,622 27,752
Legal Costs [Member]
    
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 29,019 28,337
Intellectual Property [Member]
    
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 14,288 13,854
Formation Expense [Member]
    
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 8,757 8,491
Net Operating Loss Carryover [Member]
    
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets 3,259,060 2,418,795
Foreign Exchange Loss (OCI) [Member]
    
Non-Current Deferred Tax Assets    
Total Non-Current Deferred Tax Assets $ 90,859 $ 73,377