Paintball is legal now in NSW, Victoria and WA. I can't tell you about the rest of Aus as i haven't looked into it. You'll have no problem legally playing ball in Sydney.
AFAIK, you need a firearms dealer to import your gun for you and do all the paperwork. If you PM me on Monday i'll give you the contact details of an Aussie dealer. I'm fairly sure you have to keep it in an secure place when it's not in use. Something like a shotgun cabinet might do, but the dealer will be able to tell you if this is necessary in your State.
You might find that your gun has to comply with ASTM (USA) regulations. From memory, I think this is ASTM F2272-03. This Standard gives examples of physical tests which the gun must pass in order to be imported. One such test is that the gun must not cycle when it is whacked on the side by a force of 'x' and another test which requires a weight of 'y' to be hung on the trigger with the safety catch engaged, and again the gun must not fire. There's other stuff in there too but it's been a while since i looked at it...short memory..getting old...etc! Basically, if you've set your trigger up to fire when you breathe on it heavily, you're probably stuffed.... If you want further details PM me on Monday when i'm back in work and i'll pull out the ASTM and email you the relevant bits.
Your air bottle almost certainly won't be legal there. They use DOT spec bottles in Australia but i believe these have to be hydro tested after they arrive in Australia and a 'Workcover Regulations' number attached to the bottle to show they comply. The workcover number is different for each state, but there is a reciprocal agreement between states where they honour each others workcover number. As if that isn't confusing enough, the workcover regulations CHANGE on 1/7/07 and i haven't managed to find anyone who knows exactly how this will affect air cylinders after this date
. PMI USA/ 'KAS' and their distributor in Australia are making some headway on this and we might have an answer in a week or two. I'll post details up here when i find out. There is an existing Luxfer FW cylinder which should meet the new regs, already available in Australia. Tank regulators don't have to comply to Aus standards afaik.
Everything must be spotlessly clean or they'll also charge you to fumigate it, lol!
Paint is also a few quid a box more expensive in Aus.
My advice would be to sell up and buy new out there unless you're going to look into it thoroughly before you go. (More thoroughly than accepting as gospel anything posted on a paintball forum...)