A toddler has died after he was hit by a taxi on Queensland's Gold Coast.

The one-year-old boy was struck just after getting out of a taxi with his 38-year-old aunt and three young siblings at Excalibur Court, Paradise Point.

Police say the boy sustaining critical injuries and died soon after.

His aunt and the 32-year-old male taxi driver were both taken to hospital suffering shock.

The forensic crash unit is investigating.