Land tax, quickly

Land tax is charged by your state or territory government on the total unimproved value of land you own there, once it crosses a threshold. It's separate from council rates, which fund local services, and separate from stamp duty, which is a one-off cost paid on purchase.

A few things catch investors out. The threshold and rate are set per state, so a portfolio spread across two states means two separate land tax assessments, not one combined figure. And it's usually calculated against your total landholding in that state, not property by property — a second investment property can push you over a threshold you'd otherwise sit comfortably under with just one.

Your principal place of residence is generally exempt, but the exact exemptions and thresholds vary by state and change periodically, so check the current figures with your state revenue office before budgeting around them, especially if you're close to a threshold.