Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.5.0.2
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
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)
 
$
-
 
$
-