What is an Australian owned ship?
If you are an Australian citizen or resident, or a body corporate established under Australian company law, then you are entitled to apply to have your ship registered, providing it is:
a ship owned by an Australian national or nationals;
a ship owned by three or more persons as joint owners where the majority of owners are Australian nationals; or
a ship owned in common where more than half the shares are owned by an Australian national or Australian nationals.
(For the purpose of registration, the property in the ship shall be divided into 64 shares, which if necessary can be divided among the owners as specified by them.)