This may help;
(1) A person may fly an aircraft as pilot acting in command under
supervision only if:
(a) the person holds:
(i) a commercial pilot licence or an air transport pilot licence;
or
(i) a certificate of validation that has effect as if it were a
commercial pilot licence or an air transport pilot licence;
and
(b) the person holds an aircraft endorsement that authorises him or
her to fly the aircraft as pilot in command; and
(c) if the person proposes to carry out an activity for which a flight
crew rating is required—the person holds a flight crew rating, or
grade of flight crew rating, that permits him or her to carry out
that activity as pilot in command of the aircraft concerned; and
(d) the person is the co-pilot of the aircraft; and
(e) the operator of the aircraft permits the person to fly the aircraft as
pilot acting in command under supervision; and
(f) the pilot in command of the aircraft is appointed for the purpose
by the operator of the aircraft.
Penalty: 10 penalty units.
I think thats pretty clear.