Tax/Wages question?

I am currently looking at ways in reducing the amount of tax I pay. I was wondering if someone could help with a possibile scenario.

eg. If I earn say $10000/month aprox $4000 goes to the tax man = $6000 in hand.

If I start a company as a consultant. I get paid say $10000/month in consultant fees. Which means I pay no tax until I file my tax return.

Which means I could theoretically use the $4000/month in some sort of negative gearing investment?

Does anyone else think this is a good idea?

Any opinion good or bad welcome.