Stamp Duty:
Stamp duty is a tax applied to many types of transactions in Australia. The most common being conveyances of property, transfers ofshares, policies of insurance, leases and powers of attorney.

Stamp duty is paid by the purchaser of the property, on the basis of the total value of property transferred. This duty is payable not only on conveyancing of property, but also on mortgages.

All states have stamp duty concessions for first home buyers, and some states extend concessions to any principal place of residence. An exemption is available for designated government authorities, some educational authorites and registered charities.

Land Tax:
Land tax is levied on the unimproved value of taxable land held, by all State governments and the Australian Capital Territory. It is not levied in the Northern Territory.

The rates and the levels at which land tax applies vary widely. Victoria has the highest maximum rate at 5 per cent, and ACT the lowest at 1.5 per cent.

In all states except Victoria the taxpayer's place of principal residence is exempt from land tax. However, very expensive parcels may receive only partial exemption or none.

Land owned and used by charitable organisations, religious bodies and schools is exempt from tax in all States and Territories. Land designated for primary production is exempt in all States but Tasmania.