Document ID: chunk:federal_register_of_legislation:F2024L01740:front:0:p121
Version: federal_register_of_legislation:F2024L01740
Segment Type: other
Provision Reference: 
Character Range: 303070–305957

include a reference to the deferred tax component of income tax expense.

Subdivision F—Special rules for particular circumstances

8‑80  Transitional CbCR Safe Harbour—special rule for Joint Ventures
 (1) This section applies if there is a separate MNE Group mentioned in subsection 6‑75(2) (Joint Ventures).
 (2) For the purposes of section 8‑10, in computing:
 (a) the Profit (Loss) before Income Tax of the separate MNE Group; and
 (b) the Total Revenue of the separate MNE Group;
treat a reference in Subdivision B (other than section 8‑35) to a Qualified CbC Report in relation to the jurisdiction as being a reference to Qualified Financial Statements.
 (3) For the purposes of this Division, treat the separate financial accounts of the Joint Venture of the separate MNE Group, or of a JV Subsidiary of the Joint Venture, as meeting the condition in subparagraph 8‑70(1)(c)(i) (definition of Qualified Financial Statements) if, on the assumption that the separate MNE Group filed a Country‑by‑Country Report in accordance with the following, the financial accounts would have been used for preparation of that Country‑by‑Country Report:
 (a) Transfer Pricing Documentation and Country‑by‑Country Reporting, Action 13 ‑ 2015 Final Report of the OECD/G20 Base Erosion and Profit Shifting Project;
 (b) Guidance on the Implementation of Country‑by‑Country Reporting: BEPS Action 13 (Updated May 2024) of the OECD.
Note: Under paragraph 8‑70(1)(c), if a Constituent Entity is not included in the MNE Group's Consolidated Financial Statements on a line‑by‑line basis, and this is solely due to size or materiality grounds, its separate financial accounts are part of the MNE Group's Qualified Financial Statements if it meets the condition in subparagraph 8‑70(1)(c)(i).

8‑85  Transitional CbCR Safe Harbour—special rule for Ultimate Parent Entity that is Flow‑through Entity
 (1) This section applies if a Constituent Entity of an MNE Group is:
 (a) the Ultimate Parent Entity of the MNE Group; and
 (b) a Flow‑through Entity; and
 (c) located in a jurisdiction for a Fiscal Year.
 (2) Subsection (3) applies in relation to the Fiscal Year if there are Direct Ownership Interests in the Ultimate Parent Entity that are not held by a holder described in paragraph 7‑5(2)(a), (b) or (c).
 (3) Section 8‑10 does not apply in relation to the MNE Group for the jurisdiction for the Fiscal Year.
 (4) Subsection (5) applies if subsection (3) does not apply.
 (5) For the purposes of section 8‑10, in computing the MNE Group's Profit (Loss) before Income Tax, and Simplified Covered Taxes, for the jurisdiction for the Fiscal Year, disregard amounts to the extent that they are attributable to a Direct Ownership Interest in the Ultimate Parent Entity held by a holder described in paragraph 7‑5(2)(a), (b) or (c).

8‑90  Transitional CbCR Safe Harbour—special rule for Deductible Dividend