The answer to this question will depend on the corporate structure you operate in—that is, as a company, trust or individual. In Australia, the corporate tax rate for most companies is 26%.

For individuals in Australia, your tax rate depends on which tax bracket you fall into and takes all of your taxable income into consideration. The more income you earn, the higher the tax rate you must pay.

The 2020 tax brackets for Australians:

When taxable income is $0–$18,200, tax paid is 0.
When taxable income is $18,201–$37,000, tax paid is 19 cents per dollar over $18,200.
When taxable income is $37,001–$90,000, tax paid is $3,752 plus 32.5 cents per dollar over $37,000.
When taxable income is $90,001–$180,000, tax paid is $20,797 plus 37 cents per dollar over $90,000.
When taxable income is $180,001 and higher, tax paid is $54,097 plus 45 cents per dollar over $180,000.

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