LeadSled,
Yes, I think the point you make is correct, and that what I should have said is that the State of OPERATOR FDTLs would apply, irrespective of the VH registration or CASA licences.
I didn't completely RTFQ of training wheels' question, and assumed that the crews AND aircraft came from the same OPERATOR (lessee) of the VH-registered aircraft.
But............it doesn't necessarily follow that crews AND aircraft come from the same operator, so you're correct.
My bad!
These sort of arrangements can be bloody complex, and I'm happy to accept I stuffed up!
