Income Tax Expense

12 Months Ended

Jun. 30, 2026

4 Income tax expense

(a) Australian tax expense

(i)

Numerical reconciliation of income tax expense to prima facie tax payable

	30 June			30 June			30 June
	2026 $			2025 $			2024 $
Loss from continuing operations before income tax expense		(39,945,437	)		(32,188,619	)		(42,740,210	)
Tax at the Australian tax rate of 25% (2025: 25%, 2024: 25%)		(9,986,359	)		(8,047,155	)		(10,685,053	)
Tax effect of amounts which are not deductible/(taxable) in calculating taxable income:
Research and Development tax incentive		(2,524,310	)		(2,342,136	)		(323,145	)
Accounting expenditure subject to R&D tax incentive		5,803,010			5,384,221			742,862
Accrued expenses		319,935			242,082			44,172
Amortization		(658,079	)		(629,735	)		-
Employee leave obligations		(43,146	)		917			3,639
Patent costs		61,132			51,254			51,041
Share-based payments		601,489			473,837			660,045
Unrealized currency movements		3,011			43,430			(27,266	)
Subtotal		3,563,043			3,223,870			1,151,348
Tax losses and other timing differences for which no deferred tax asset is recognized		6,423,316			4,827,533			9,533,705
Income tax expense		-			-			-

(ii) Tax losses

	30 June		30 June		30 June
	2026 $		2025 $		2024 $
Unused tax losses for which no deferred tax asset has been recognized		128,380,671		102,687,407		83,377,275
Potential tax benefit at 25% (2025: 25%, 2024: 25%)		32,095,168		25,671,852		20,844,319

The above potential tax benefit for tax losses has not been recognized in the statement of financial position as of 30 June 2026 as it is not probable that they will be utilized. These tax losses can only be utilized in the future if the continuity of ownership test is passed, or failing that, the same business test is passed. The taxation benefits of tax losses and temporary difference not brought to account will only be obtained if: (i) the entity derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realized; (ii) the entity continues to comply with the conditions for deductibility imposed by law; and (iii) no change in tax legislation adversely affects the entity in realizing the benefits from deducting the losses.

The group operates in different tax jurisdictions and continues to meet its statutory requirements in these jurisdictions. The tax losses in each jurisdiction are subject to testing to make sure they meet all relevant statutory tests for them to be offset against future income

(b) US tax expense

(i) Income tax expense

	30 June		30 June		30 June
	2026 $		2025 $		2024 $
Current tax
Current tax on profits for the year		54,440		103,292		96,364
Total current tax expense		54,440		103,292		96,364

Income tax expense		54,440		103,292		96,364

(ii) Numerical reconciliation of income tax expense to prima facie tax payable

	30 June 2026 $			30 June 2025 $			30 June 2024 $
Loss from continuing operations before income tax expense		(16,896,177	)		(5,930,262	)		(5,112,545	)
Tax at the US tax rate of 27.5% (2025: 27.5%, 2024: 27.5%)*		(4,646,449	)		(1,630,822	)		(1,405,950	)

Tax effect of amounts which are not deductible/(taxable) in calculating taxable income:
Accrued expenses		221,775			28,021			(17,719	)
Amortization		(18,257	)		(19,075	)		-
Employee leave obligations		347,200			(13,835	)		26,576
Unrealized currency (gains)/losses		(183,545	)		(9,784	)		-
Subtotal		367,173			(14,673	)		8,857
Tax losses and other timing differences for which no deferred tax asset is recognized		4,333,716			1,748,787			1,493,457
Income tax expense		54,440			103,292			96,364

the tax rate is driven by 21.1% for the federal rate and 6.5% for the new York sate rate

(iii) Tax losses

	30 June		30 June		30 June
	2026		2025		2024
	$		$		$
Unused tax losses for which no deferred tax asset has been recognized		29,689,955		13,930,988		7,571,756
Potential tax benefit at 27.5% (2025: 27.5%, 2024: 27.5%)		8,164,738		3,831,022		2,082,233