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EXCEL - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.R6.htm
XML - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.R1.htm
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EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - SILVERSTAR MINING CORP.ex32-1.htm
EX-32.2 - SILVERSTAR MINING CORP.ex32-2.htm
EX-31.1 - OFFICER S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT - SILVERSTAR MINING CORP.ex31-1.htm
XML - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.R20.htm
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10-K - SILVERSTAR MINING CORP.form10k.htm
EX-31.2 - OFFICER S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT - SILVERSTAR MINING CORP.ex31-2.htm
v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

12. Income Taxes

 

The Company has losses carried forward for income tax purposes to 30 September 2012. There are no current or deferred tax expenses for the period ended 30 September 2012 due to the Company’s loss position. The Company has fully reserved for any benefits of these losses. The deferred tax consequences of temporary differences in reporting items for financial statement and income tax purposes are recognized, as appropriate. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including the Company’s ability to generate taxable income within the net operating loss carry-forward period. Management has considered these factors in reaching its conclusion as to the valuation allowance for financial reporting purposes.

 

The provision for refundable federal income tax consists of the following:

 

    For the year ended
 30 September  2012
    For the year ended 
30 September 2011
 
      $       $  
                 
Deferred tax asset attributable to:                
Current operations     553,665       522,826  
Contributions to capital by related parties     (8,160 )     (4,930 )
Less: Change in valuation allowance     (545,505 )     (517,896 )
                 
Net refundable amount     -       -  

 

The composition of the Company’s deferred tax assets as at 30 September 2012 and 30 September 2011 are as follows:

 

    As at 30 September 2012     As at 30 September 2011  
    $     $  
             
Income tax operating loss carry-forward     1,628,428       1,537,725  
                 
Statutory federal income tax rate     34 %     34 %
Contributed rent and services     0 %     0 %
Effective income tax rate     34 %     34 %
                 
Deferred tax assets     553,665       522,826  
Less: Valuation allowance     (553,665 )     (517,896 )
                 
Net deferred tax asset     -       -  

 

The potential income tax benefit of these losses has been offset by a full valuation allowance.

 

As at 30 September 2012, the Company has an unused net operating loss carry-forward balance of approximately $1,628,428 that is available to offset future taxable income. This unused net operating loss carry-forward balance expires between 2024 and 2030.