Back in the day that was a very popular strategy. However the ATO got savvy to this about 4-5 years ago and introduced legislation to impose the highest tax rate for children under the age of 18. If you don't have suitable family members to distribute to and are on a high tax rate, one option is to take advantage of the 30% company tax rate by setting up a company and distributing to it. Ideally a franked dividend can be paid out of the company in future years when you are on a lower tax rate. If you're not experienced in this kind of stuff you would obviously need to see an accountant.
