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What is s t e p?
STEP stands for Statement of Taxable Economic Position.
Who is required to file s t e p?
Individuals, partnerships, companies, and trusts with taxable assets above a certain threshold are required to file STEP.
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STEP can be filled out online through the designated tax authority website or by submitting a physical form.
What is the purpose of s t e p?
The purpose of STEP is to provide information on taxable assets and economic position to the tax authorities for proper assessment of tax liabilities.
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Information such as assets, debts, investments, income, and liabilities must be reported on STEP.
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