I believe they are accepting Australian domestic flights as being ok. ie Perth to Alice Springs would be an international flight in Europe. (Probably more challenging in some respects, ie Dp ops, Crit point, PNRs - oh sorry JAR speak now = PET point of equal time, PSR = Point of safe return)
The info is on the website
CAA SRG . There may be some interesting loop holes with it. ie some European JAR member states won't recognise the "Captain's conversion" but it shouldn't be a problem if you fly a G reg aircraft.
As far as I can see you just have to do Air Law and Human Performance theory wise and a check ride in a suitable sim for the flying component.
Just heard that a former AN captain on 146's and 737's just went through it. Medical, Air Law, HPL and a check ride was all he needed. FO's aren't so lucky
