Document ID: chunk:federal_register_of_legislation:F2024L01740:front:0:p79
Version: federal_register_of_legislation:F2024L01740
Segment Type: other
Provision Reference: 
Character Range: 198002–200789

right of use, as a lessee, of tangible assets located in the jurisdiction;
 (d) a licence or similar arrangement from a government for the use by the Constituent Entity of immovable property in the jurisdiction, or exploitation of natural resources in the jurisdiction, that entails significant investment in tangible assets.
 (2) If the Constituent Entity holds part of a property mentioned in paragraph (1)(a) for lease and retains the other part of the property for its own use:
 (a) for the purposes of this Part, treat the parts of the property as separate Eligible Tangible Assets; and
 (b) allocate the carrying value of the property between those parts on a just and reasonable basis.
 (3) However, an asset is not an Eligible Tangible Asset at any time during a Fiscal Year if it is used in the generation of a Constituent Entity's International Shipping Income for the Fiscal Year.

5‑80  Allocation of amounts between a Main Entity and a Permanent Establishment
 (1) This section applies, in relation to a Fiscal Year, if a Constituent Entity of an MNE Group is a Permanent Establishment because of paragraph 19(1)(a), (b) or (c) of the Act.
 (2) For the purposes of sections 5‑50, 5‑55 and 5‑65:
 (a) treat the Eligible Payroll Costs accrued for the Fiscal Year of Eligible Employees of the Permanent Establishment as being those that are or would be included in the separate financial accounts used to compute the Permanent Establishment's Financial Accounting Net Income or Loss for the Fiscal Year mentioned in section 3‑240, as adjusted under section 3‑245; and
 (b) treat the Eligible Tangible Assets of the Permanent Establishment as being those whose carrying values are or would be included in those financial accounts for the Fiscal Year; and
 (c) exclude those Eligible Payroll Costs and Eligible Tangible Assets from the Eligible Payroll Costs and Eligible Tangible Assets of the Main Entity of the Permanent Establishment for the Fiscal Year.
 (3) However, for the purposes of paragraphs (2)(a) and (b):
 (a) treat Eligible Employees who are not located in the jurisdiction where the Permanent Establishment is located as not being Eligible Employees;
 (b) treat Eligible Tangible Assets that are not located in that jurisdiction as not being Eligible Tangible Assets of the Permanent Establishment.
 (4) Subsection (5) applies if:
 (a) a Flow‑through Entity wholly or partly carries out its business through the Permanent Establishment; and
 (b) under paragraph 3‑255(1)(a) or section 7‑15, the Permanent Establishment's Financial Accounting Net Income or Loss, GloBE Income or GloBE Loss (as the case may be) for the Fiscal Year has been reduced by an amount.
 (5) For the purposes of sections 5‑50, 5‑55 and 5‑65:
 (a) reduce the Eligible Payroll Costs accrued