A ‘transaction’ includes a series of transactions and any associated operations. The statutory definition of ‘associated operations’ is any two or more operations of any kind being:

operations affecting the same or related property or income arising from that property; or

any two operations which are directly or indirectly related to each other,

whether those operations are effected by the same person or different persons, and whether or not they are simultaneous; and ‘operation’ includes an omission.

Example 1

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