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Step up / Step down transitions in Kingston and Richmond Protocol and ProceduresLast updated May 20161. Background / Introduction Step up / step down transitions are underpinned by the Team Around

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What is step up step down?

Step up step down is a process used in tax accounting to adjust the value of assets for tax purposes.

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Taxpayers who have experienced a change in the value of their assets are required to file step up step down.

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To fill out step up step down, taxpayers need to calculate the adjusted value of their assets and report this information to the tax authorities.

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The purpose of step up step down is to ensure that assets are accurately valued for tax purposes after a change in their value.

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Taxpayers must report the adjusted value of their assets and provide supporting documentation for the changes in value.

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