The bell has tolled on the Commissioner's long-running argument that an unpaid present entitlement is a "loan" under Division 7A. In Commissioner of Taxation v Bendel [2026] HCA 18, a 5-2 High Court majority held that where a trustee's resolution effects a "setting aside" onto a separate trust, no loan arises under subsection 109D(3). The decision turns on the precise language of the trust deed and the resolution - and it changes the Division 7A calculus for every discretionary trust with a corporate beneficiary.