Under TTMRA it would appear that you have to make application and that would be assessed. There are enough "differences" still between Aus and NZ to not let it be just a simple "rubber stamp" exercise. Even at the CPL level there are many differences. i.e. There is no requirement for mountain training in Australia. If you look at the definition of "mountainous terrain" in the NZAIP you won't be going far or landing in many places on an Aus licence. Sling is part of the NZ CPL(H) yet an addition to the Australian one. Aussies have only just realised what a hook is in the last 15 years. Couldn't believe that helicopters didn't all have hooks when I first went there. Was like a blade was missing or something! Night qualification is part of the licence and not an addition.
So if you have an Australian licence on face value it would be valid but not include "sling, mountain or night" whereas the Kiwi one would but wouldn't say so.
I think under TTMRA you would still have to meet the requirements or you would be allowed to operate only within the limits of your licence. They are NOT issuing you with a Kiwi licence, but recognising your qualifications.
In NZ you will have to do a flight test for the issue of a NZ ATPL (H) whereas there is no requirement in Australia. There is no requirement for twin "time" in either licence yet the "flight test" in NZ shall be conducted in a twin. You are required to have a current instrument rating for the NZ licence.
Have been dabbling in this for a while watching the differences and they are substantial. I hold or have held licence's in both pilot and engineer from both sides of the ditch and the way they are administered is very different. Check out the Aussie v Kiwi medical differences, the LAME differences blah blah................
TTMRA means Trans Tasman Mutual RECOGNITION Agreement. In each direction it is a case of recognising what you have. And what you have may be used as credit towards what you need.
Check the respective web sites, rules and Advisory Circulars. The Kiwi site may be easier to navigate and everything is written in English versus "legalese" - remember the Aussies are on their third attempt in about 10 years to re-write the rules. We won't go any further there..................