Warning, either the motor gear is in the wrong plane, or the large gear is. Either way, they don't fit in the same direction.
Nope... Install it exactly as you have it on the picture, and all is good. Two reasons:
1) Do not need a spacer on the large gear
2) Screw on the outside enables you to use low cost M3 screw "grub-screws" so that you do not need to actually use real grub-screws.
This is the way I have it on my two Reprap Morgans, and works great.