An Australian owned ship is:

• a ship owned by an Australian national or nationals
• a ship owned by three or more people as joint owners where the majority of owners are Australian nationals
• 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 is divided into 64 shares, which can be divided among the owners as specified by them.

Ships cannot be registered under trade names, trusts or partnerships.