Deferred Tax Assets

12 Months Ended

Jun. 30, 2013

Deferred Tax Assets [Abstract]

DEFERRED TAX ASSETS

Note 4 – DEFERRED TAX ASSETS

As of June 30, 2013 and 2012, the Company had deferred tax assets of $1,707,627 and $2,473,094 respectively. The Company had approximately $6,232,409 as of June 30, 2013 and $8,114,625 as of June 30, 2012 in net operating loss (“NOL”) carry forward available to offset future taxable income in Australia. The NOLs can be carried forward without expiration in Australia.

The deferred tax asset as of June 30, 2013 and 2012 consists of the tax benefit of the NOL carry forward. Management believes that all NOLs will be utilized in the near future and therefore no allowance was provided. Accordingly, the company as of June 30, 2013 and 2012 has deferred tax asset of:

	2013		2012
Current deferred tax assets	$	718,767	$	317,850
Non current deferred tax assets		988,860		2,155,244
Deferred tax assets	$	1,707,627	$	2,473,094