| Income Taxes |
The Company is domiciled in Canada and is therefore subject to tax on estimated assessable profit at the rate of 27.00% (2018 – 27.00%, 2017 – 26.00%). The Company has no assessable profit in Canada.
The tax expense at statutory rates for the Company can be reconciled to the reported income taxes per the statement of loss as follows:
|
|
|
|
|
|
|
| |
Year Ended |
|
Year Ended |
|
Year Ended |
|
| |
30 June 2019 |
|
30 June 2018 |
|
30 June 2017 |
|
| |
$ |
|
$ |
|
$ |
|
| Loss before income taxes |
(516,860 |
) |
(712,711 |
) |
(439,606 |
) |
| Federal and provincial statutory tax rate |
27.00 |
% |
27.00 |
% |
26.00 |
% |
| Income tax recovery based on the above rates |
(139,552 |
) |
(192,432 |
) |
(114,298 |
) |
| Non-deductible expenses and other |
44,440 |
|
164,973 |
|
16,998 |
|
| Change in tax rates |
- |
|
(102,075 |
) |
- |
|
| Adjustment to prior years provision versus statutory tax returns |
(93,327 |
) |
- |
|
- |
|
| Losses and temporary differences for which no tax benefit has been recorded |
188,439 |
|
129,534 |
|
97,300 |
|
| Total income taxes |
- |
|
- |
|
- |
|
The Company's unrecognized deferred tax assets are as follows:
|
|
|
|
|
| |
30 June 2019 |
|
30 June 2018 |
|
| |
$ |
|
$ |
|
| Non-capital losses |
2,197,767 |
|
2,008,565 |
|
| Capital losses |
384,802 |
|
388,967 |
|
| Resource properties |
399,721 |
|
397,263 |
|
| Capital assets |
143,204 |
|
142,323 |
|
| Share issue costs and other |
10,212 |
|
10,149 |
|
| Total unrecognized deferred tax assets |
3,135,706 |
|
2,947,267 |
|
In assessing the recoverability of deferred tax assets other than deferred tax assets resulting from the initial recognition of assets and liabilities that do not affect accounting or taxable profit, the Company's management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.
The Company has non-capital loss carry-forwards of approximately $8,000,000 that may be available for tax purposes as follows:
|
|
|
|
|
|
|
| |
Canada |
|
Indonesia |
|
Total |
|
| Expiring in |
$ |
|
$ |
|
$ |
|
| 2024 |
- |
|
194,000 |
|
194,000 |
|
| 2023 |
- |
|
167,000 |
|
167,000 |
|
| 2027 |
1,120,000 |
|
- |
|
1,120,000 |
|
| 2028 |
1,009,000 |
|
- |
|
1,009,000 |
|
| 2029 |
1,078,000 |
|
- |
|
1,078,000 |
|
| 2030 |
625,000 |
|
- |
|
625,000 |
|
| 2031 |
433,000 |
|
- |
|
433,000 |
|
| 2032 |
449,000 |
|
- |
|
449,000 |
|
| 2033 |
456,000 |
|
- |
|
456,000 |
|
| 2034 |
391,000 |
|
- |
|
391,000 |
|
| 2035 |
614,000 |
|
- |
|
614,000 |
|
| 2036 |
434,000 |
|
- |
|
434,000 |
|
| 2037 |
436,000 |
|
- |
|
436,000 |
|
| 2038 |
565,000 |
|
- |
|
565,000 |
|
| 2039 |
191,000 |
|
- |
|
191,000 |
|
| Non-capital loss carry-forwards |
7,801,000 |
|
361,000 |
|
8,162,000 |
|
|