Even if they have a corporate structure that seems to make the Fair Work Act not apply (say, making you a contractor of a foreign company), I'm pretty sure that the commission will still generally rule against the employer if you're effectively working as an employee and you take it to the ombudsman. So if, say, they provide office space and a computer, you work regular full-time hours and it's more than a temporary contract then it will usually be considered a sham contracting arrangement and you'll be eligible for all the standard full-time employment protections.

Are you an employee or a contractor? From among my circle of friends working for foreign companies the possible arrangements I've seen are: (a) employee of Australian subsidiary of foreign company (my situation) (b) employee, under a contract governed by Australian law, of a foreign company directly or (c) independent contractor of foreign company.

(a) and (b) give you Australian employment protections. (c) obviously only gives you whatever protections are in the contract.

I've never seen anyone under a contract of employment (rather than a contract for services) of a foreign company that purports to not be governed by Australian employment law.