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8. INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2013
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes |
|  | Year Ended |
|  | June 30, |  |  | June 30, |
|  | 2013 |  |  | 2012 |
Current Taxes |  | $ | (60,461) |  |  | $ | (173,928) |
Deferred Taxes |  |  | - |  |  |  | - |
Provision for Income Taxes |  | $ | (60,461) |  |  | $ | (173,928) |
Schedule of differences between Income Taxes and the Provision for Income Taxes |
| Year Ended |
| June 30, |  |  | June 30, |
| 2013 |  |  | 2012 |
| Amount |  | Impact on Rate |  |  | Amount |  |  | Impact on Rate |
Income Tax Expense (Benefit) at Australia Statutory Rate | $(492,334) |  | (32.75) | % |  | $ | (3,482,491) |  |  |  | (30.00) | %
Expenses paid by parent on behalf of Foreign subsidiary | 351,935 |  | 23.41 | % |  |  | - |  |  |  | 0.00 | %
R&D Refundable Tax Credit | (60,461) |  | (4.02) | % |  |  | (173,928) |  |  |  | (1.50) | %
Reduction of NOL Carryforward Due to R&D Tax Credit | 60,461 |  | 4.02 | % |  |  | 173,928 |  |  |  | 1.50 | %
Deferred Tax Valuation Allowance | (363,703) |  | (24.20) | % |  |  | 3,211,114 |  |  |  | 27.66 | %
Foreign Exchange Rate Changes | 443,641 |  | 29.52 | % |  |  | 97,449 |  |  |  | 0.84 | %
Total Income Tax Expense (Benefit) | $(60,461) |  | (4.02) | % |  | $ | (173,928) |  |  |  | (1.50) | %
Schedue of Deferred Income Taxes |
|  | June 30, |  |  | June 30, |
|  | 2013 |  |  | 2012 |
Current Deferred Tax Assets |  |  |  |  |  |
Provision for annual leave |  | $ | 14,813 |  |  | $ | 12,630 |
Superannuation |  |  | 3,699 |  |  |  | 4,114 |
Total Current Deferred Tax Assets |  | $ | 18,512 |  |  | $ | 16,744 |
Current Deferred Tax Liabilities |  |  |  |  |  |  |  |
Prepaid Investor Services |  | $ |  |  |  | $ | - |
Prepaid expenses |  |  |  |  |  |  | - |
Prepaid insurance |  |  |  |  |  |  | - |
Accounts Payable/trade creditors |  |  |  |  |  |  | - |
Patent Costs |  |  |  |  |  |  | - |
Total Current Deferred Tax Liabilities |  | $ |  |  |  | $ | - |
Non-Current Deferred Tax Assets |  |  |  |  |  |  |  |
Prepaid Investor Services |  | $ | 1,393,309 |  |  | $ | 2,284,981 |
Capital Raising Costs |  |  | 27,752 |  |  |  | 30,870 |
Legal Costs |  |  | 28,337 |  |  |  | 30,948 |
Intellectual Property |  |  | 13,854 |  |  |  | 15,410 |
Patent Costs |  |  | 32,425 |  |  |  | 23,518 |
Formation Expense |  |  | 8,491 |  |  |  | 9,445 |
Net Operating Loss Carryover |  |  | 2,418,795 |  |  |  | 1,893,262 |
Foreign Exchange Loss (OCI) |  |  | 73,377 |  |  |  | 107,675 |
Total Non-Current Deferred Tax Assets |  |  | 3,996,340 |  |  |  | 4,396,109 |
Deferred Tax Valuation Allowance |  |  | (4,014,862) |  |  |  | (4,412,853) |
Total Non-Current Deferred Tax Assets |  |  | (18,512) |  |  |  | (16,744) |
Total Deferred Tax Assets (Net) |  | $ |  |  |  | $ | - |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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