How does QLD tax work in regards to income from prop firms?

Hey guys, I’m pretty new to all of this and trying to wrap my head around how taxes work in QLD when it comes to income from prop firms.

From what I understand, payouts are usually performance-based and sometimes paid in things like USD or even crypto (like USDT). How does that get treated for tax purposes in Australia/QLD? Is it just considered normal income at your marginal rate, or is there anything different about it?

Also, for those of you who are already doing this, what kind of setups are you running to stay compliant but also reduce tax as much as possible? For example:
\- Do you operate as an individual or set up a company/trust?
\- Do you keep funds in crypto vs converting straight to AUD?
\- Any common deductions or strategies people use in this space?

Not trying to do anything dodgy, just want to understand how people are structuring things properly and efficiently.

Appreciate any insights 🙏