seeing that $1m in the company is retained profits, yes, as the other posters had mentioned, to move it out will involve some income tax considerations and implications.
The suggestion regarding company loaning the cash to the trust is worth considering, even though the trust will have to pay the company at the ATO's stipulated interest rate.
Your accountant should be able to come up with a few suggested solutions/set ups. Look at what you need from a wholistic point, not just for the short term, consider longer term as well re your children.
