Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.Financial_Report.xls
10-K - ANNUAL REPORT ON FORM 10K FOR THE YEAR ENDED SEPTEMBER 30, 2012 - Trafalgar Resources, Inc.trafalgar10ksept12.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R6.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R7.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R1.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R8.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R2.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R4.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R3.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R11.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R16.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R18.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R15.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R14.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R17.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R13.htm
XML - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.R12.htm
EX-32 - 906 CERTIFICATION - Trafalgar Resources, Inc.ex32.htm
EX-31 - 302 CERTIFICATION OF ANTHONY COLETTI - Trafalgar Resources, Inc.ex312.htm
EX-31 - 302 CERTIFICATION OF ANTHONY BRANDON ESCOBAR - Trafalgar Resources, Inc.ex311.htm
v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Notes  
Income Taxes

 

NOTE 3:   INCOME TAXES

 

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.  Income tax periods 2009, 2010 and 2011 are open for examination by taxing authorities.

 

The income tax expense (benefit) for the year ended September 30, 2012 differs from the amount computed using the federal statutory rates as follows:

 

 

Year Ended September 30, 2012

 

Year Ended September 30, 2011

Income tax expense (benefit) at

$(8,830)

 

$(6,814)

State taxes

100

 

100

Valuation allowance

8,830

 

6,814

Total

$      100

 

$      100

 

Deferred tax assets for the year ended September 30, 2012 are comprised primarily of the following:

 

 

September 30, 2012

Net Operating Loss Carryforward

$     36,039

Valuation allowance

(36,039)

 

$               0

 

At September 30, 2012, the Company had a net operating loss carry forward of approximately $128,196 that may be offset against future taxable income through 2026.  These losses will start to expire in the year 2011 through 2026.  No tax benefit has been reported in the financial statements because the Company believes that it is more likely than not that the carryforwards will expire unused.  The utilization of future losses may be limited under various provisions of the Internal Revenue Code pertaining to continuity of business operations limits and substantial changes in ownership.  Accordingly, the potential tax benefits of the loss carryforwards are offset by a valuation allowance of the same amount.  The valuation allowance increased during the year ending September 30, 2012 by approximately $8,830.