INCOME TAXES

12 Months Ended

Jun. 30, 2024

NOTE 7 - INCOME TAXES

The Company records income taxes in accordance with ASC 740, Income Taxes, whereby deferred tax assets and liabilities are recognized based on the differences in the book and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the years that the differences are expected to reverse. The Company adjusts deferred tax assets and liabilities for the effects of changes in tax laws and rates in the period of enactment. Tax credits are recognized through the effective tax rate calculation assuming that the Company will be able to realize the full benefit of the credits.

Each year the Company assesses its deferred tax asset to determine whether all or any portion of the asset is more likely than not (defined as a likelihood of more than 50%) to be unrealizable under ASC 740. The Company is required to establish a valuation allowance for any portion of the tax asset determined to be more likely than not unrealizable. The ultimate realization of deferred tax assets depends primarily on the generation of future taxable income during the periods in which the differences become deductible. Judgment is required in determining the future tax consequences of events that have been recognized in the Company’s consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial statements.

The following table reflects the estimated income tax liability for the tax years ended June 30, 2024 and June 30, 2023.

For the period ended	30-Jun-24			30-Jun-23
Book income for the year	$	1,628,620		$	(75,007	)

Temporary differences:
Accrued expenses		48,314			73,885
Tax income (loss) for the year	$	1,676,934		$	(1,122	)

Estimated effective tax rate		21	%		21	%
Deferred tax asset	$	-		$	(236	)
Less: Valuation allowance		-			236
Net deferred tax (asset) liability	$	-		$	-

Rate Reconciliation:

Federal income tax at statutory rate	$	342,010		$	(15,752	)
Temporary difference		10,146			15,516
Permanent difference					-
Change in Valuation Allowance		-			236
	$	352,156		$	-

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

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