INCOME TAXES

12 Months Ended

Jun. 30, 2014

Income Taxes

The Company provides for income taxes using an asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 15% to the net loss before provision for income taxes for the following reasons:

	Year Ended			Year Ended
	June 30,			June 30,
	2014			2013
Income tax expense (benefit) at statutory rate	$	(21,937	)	$	(4,975	)
Change in Valuation allowance		21,937			4,975
Income tax expense (benefit)	$	—		$	—
Net Deferred tax assets consist of the following components as of:
		June 30,			June 30,
		2014			2013
NOL Carryover	$	29,956		$	8,019
Valuation allowance		(29,956	)		(8,019	)
Net deferred tax asset	$	—		$	—

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $88,108 for federal income tax reporting purposes could be subject to annual limitations should a change in ownership occur. The net operating loss carry forwards begin to expire in 2030.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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GOLD RIDGE RESOURCES INC 10-K