Financial Institution Duty (FID) at a Federal level ceased on 1 July 2001, due to the start of GST. Revenue collected at federal level from GST, is to be distributed to the states to allow for a reduction in certain state taxes.

All states (except Queensland, Northern Territory and ACT) impose FID. When money is received or deemed to be received by a registered financial institution unless for the credit of an exempt account duty is payable on each transaction (including shifting funds between accounts).

Money includes a bill of exchange or a promissory note and electronic transfers. Only the Northern Territory charges on every transaction.