Excel formula for calculating stamp duty in Australian Capital Territory (ACT), Australia (that's where Canberra is)

Excel runs the world. If Microsoft removed nested IFs in Excel, every taxation system would transition to a flat rate overnight. Here's a stamp duty table for properties in Canberra, clearly constructed by someone who loves Excel.

I live one quarter my life in Excel, a quarter in Word, Visio and PowerPoint.

This is taken from the official ACT Revenue Office (that's state revenue, not federal). The Excel formula representing this table is as follows:

If you rely on this formula for critical financial decisions without testing it yourself, you're nuts.