From the CASA briefing newsletter, October 2015:
CASA has received feedback from the aviation community seeking clarification about how the new flight crew licensing regulations affect pilot in command under supervision (PICUS) operations. The concern is about who can be the pilot in command of a PICUS operation under Civil Aviation Safety Regulation Part 61. Operators who do not have a training and checking organisation under Civil Aviation Regulation (CAR) 217 may conduct PICUS operations. For these operations the pilot in command does not have to be an instructor or examiner. The reference in Part 61 to training and checking responsibilities does not mean there has to be a training and checking organisation in place. All chief pilots have training and checking responsibilities, even if the operator does not have a training and checking organisation under CAR 217. Operators regularly conduct PICUS operations by assigning a suitably qualified and competent pilot in the command seat as the pilot in command and another qualified company pilot in the other control seat, who acts as pilot in command under supervision. Civil Aviation Safety Regulation 61.095 does not preclude this activity. However, a chief pilot must be satisfied the pilot in command is competent operating from the other control seat and the operations manual needs to have adequate procedures in place for the operation to be conducted safely. Consideration has to be given to normal and emergency circumstances.
Roundsounds, if your having difficulty with the regs, bombard them questions. Copy your FOI, the team leader, and many other names up the chain asking questions. It does work and eventually you may get a satisfactory answer.