As I found on the weekend...
What lights do you need on an aircraft for day VFR? How about night VFR or IFR?
What lights do 99% of GA aircraft have?
Now read CAR 196.
As far as we could figure out from CAR 196, all aircraft (excluding RA) must display (even in the middle of the day) the three navigation lights (red/white/green) and two red strobes (because a single fin-mounted strobe doesn't get you the required viewing angles). In the US (at least based on literature from Whelen) you can apparently use either a red or a white strobe, and of course many planes in Australia use this approach - white strobes on the wingtips meet the required viewing angles and can be neatly integrated into the navigation lights, negating the need for a red strobe (particularly under the fuselage). However, from CAR 196 these planes are not legal.
Quite apart from being confusing (is there actually a rule that you can't put diagrams in a legal document?) it'd be much simpler if we just followed the US approach - which appears to be what everyone actually does despite what CASA says.