I dont know how to put this in a way that doesnt offend anyone as that is not my intention in srs threads, but you should seek taxation advice.
You said you had "bluechip" shares and held them longterm, therefore you're not realising any capital gains. So, the tax "problem" must therefore be coming from the dividends. Given the franking levels on these (and the fact that you have finance industry family who presumably know how to correctly put things in tax structures) your income tax should infact be refundable rather than payable.
None of the above is any of my business, nor do i really care what other people do or dont do. But if its causing you tax problems you're doing it wrong.