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Definitely worth considering the pros & cons of business structure BEFORE you take any action. Recognise too that as a pty ltd, while your tax rate may be lower, there are greater requirements for reporting (accounting fees, lodgment fees and audit fees). In addition, you need to be very clear that the company’s assets are the company’s and not yours eg its a business account etc.

Most Accounting or Business 101 books or websites will be able to give you a quick summary of pros & cons.

Jacqui’s suggestion about seeing an accountant first even if you (a) decide pty ltd (b) doing it yourself is wise – you will get advice that are ideally suited to your situation and not the generic. S/he should also be able to tell you what to watch out for and what not to do. Ask lots and lots of questions to make sure you have a clear picture.