Annual report pursuant to Section 13 and 15(d)

Income Taxes

v2.4.0.8
Income Taxes
12 Months Ended
Sep. 30, 2014
Income Taxes [Abstract]  
Income Taxes
5. Income Taxes

 

Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has incurred a net operating loss of $192,915 which will start to expire in 2032. The Company has adopted ASC 740, “Accounting for Income Taxes”, as of its inception. Pursuant to ASC 740, the Company is required to compute tax asset benefits for non-capital losses carried forward. The potential benefit of the net operating loss has not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the loss carried forward in future years. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years.

 

At September 30, 2014 and 2013, deferred tax assets consisted of the following

 

      2014
$
    2013
$
 
                   
  Deferred tax assets     65,591       14,772  
  Less: valuation allowance     (65,591 )     (14,772 )
                   
  Provision for income taxes           -