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TAXES PAYABLE (Tables)

12 Months Ended

Jun. 30, 2013

Taxes Payable [Abstract]

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

		June 30,			June 30,
		2013			2012
VAT provision		$	36,573		$	68,180
Income tax payable			25,348,794			17,274,817
Other levies			343,392			332,392
Total		$	25,728,759		$	17,675,389

Schedule Of Provision For Income Taxes [Table Text Block]

The provision for income taxes consists of the following:

		Years Ended June 30,
		2013			2012			2011
Current tax - foreign		$	10,183,988		$	10,801,313		$	9,037,144
Deferred tax			-			-			-
		$	10,183,988		$	10,801,313		$	9,037,144

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred income tax assets and liabilities as of June 30, 2013 and 2012 are as follows:

		June 30,			June 30,
		2013			2012
Deferred tax assets:
Net operating loss		$	6,511,141		$	5,171,183
Total deferred tax assets			6,511,141			5,171,183
Less valuation allowance			(6,511,141)			(5,171,183)
		$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the years ended June 30, 2013, 2012 and 2011 for the following reasons:

FY 2013
		China						United States
		15% - 25%						34%						Total
Pretax income (loss)		$	58,899,089					$	(3,941,053)					$	54,958,036
Expected income tax expense (benefit)			14,724,772		25.0	%			(1,339,958)		34.0	%			13,384,814
High-tech income benefits on Jinong			(4,430,219)		(7.5)	%			-		-				(4,430,219)
Losses from subsidiaries in which no benefit is recognized			(110,565)		(0.2)	%			-		-				(110,565)
Change in valuation allowance on deferred tax asset from US tax benefit			-						1,339,958		(34.0)	%			1,339,958
Actual tax expense		$	10,183,988		17.3	%		$	-		-	%		$	10,183,988		18.5	%

FY2012		China						United States
		15% - 25%						34%						Total
Pretax income (loss)		$	58,465,856					$	(5,706,718)					$	52,759,138
Expected income tax expense (benefit)			13,189,785		22.6	%			(1,940,284)		(34.0)	%			11,249,501
High-tech income benefits on Jinong			(4,439,873)		(7.6)	%			-		-				(4,439,873)
Losses from subsidiaries in which no benefit is recognized			2,051,401		3.5	%			-		-				2,051,401
Change in valuation allowance on deferred tax asset from US tax benefit			-						1,940,284		34.0	%			1,940,284
Actual tax expense		$	10,801,313		18.5	%		$	-		-	%		$	10,801,313		20.5	%

FY 2011
		China						United States
		15% - 25%						34%						Total
Pretax income (loss)		$	48,782,427					$	(6,831,182)					$	41,951,245
Expected income tax expense (benefit)			12,195,607		25.0	%			(2,322,602)		(34.0)	%			9,873,005
High-tech income benefits on Jinong			(3,416,976)		(7.0)	%			-		-				(3,416,976)
Losses from subsidiaries in which no benefit is recognized			258,513		0.5	%			-		-				258,513
Change in valuation allowance on deferred tax asset from US tax benefit			-						2,322,602		34.0	%			2,322,602
Actual tax expense		$	9,037,144		18.5	%		$	-		-	%		$	9,037,144		21.5	%

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Tabular disclosure of income tax and other tax payable at the end of the period.

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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