Mg doping of high quality, metal organic chemical vapor deposition grown GaN films results in distinct traces in their photoluminescence and photoluminescence excitation spectra. We analyze GaN:Mg grown on sapphire substrates and identify two Mg related acceptor states, one additional acceptor state and three donor states which are involved in the donor acceptor pair band transitions situated at 3.26 eV -3.29 eV in GaN:Mg. The presented determination of the donor acceptor pair band excitation channels by photoluminescence excitation spectroscopy in conjunction with temperature dependent photoluminescence measurements results in a direct determination of the donor and acceptor binding, localization, and activation energies which is put into a broader context based on Haynes's rule. Furthermore, we analyze the biexponential decay dynamics of the photoluminescence signal of the acceptor and donor bound excitons. As all observed lifetimes scale with the localization energy of the donor and acceptor related bound excitons, defect and complex bound excitons can be excluded as their origin. Detailed analysis of the exciton transfer processes in the close energetic vicinity of the GaN bandedge reveals excitation via free and bound excitonic channels but also via an excited state as resolved for the deepest localized Mg related acceptor bound exciton. For the two Mg acceptor states we determine binding energies of 164±5 meV and 195±5 meV which is in good agreement with recent density functional theory results. This observation confirms and quantifies the general dual nature of acceptor states in GaN based on the presented analysis of the photoluminescence and photoluminescence excitation spectra.