Doesn't appear to have specific rules covering it apart from the tow vehicle must be reg and licenced, no more than 4m between and under 50Km/H with a red rear marker at night as a minimum. Also, it assumes that there is a warm bodied air breathing object in the front right seat applying the central (or left hand) pedal so that the towed vehicle does not collide with the one in front.
A frame (rigid towing connection) allows open road speed 90Km/H (but assumes that the towed vehicle is registered and warranted). Also, max unbraked tow weight of 750Kg (unless you can get the brakes to operate somehow on the towed vehicle???).
It's one of those grey area things, there is no specific rule I can find that says you can't tow an unregistered vehicle, but also nothing that says it is expressly legal to do it. Get the wrong person on the wrong day when they need to top up their quota and you might find yourself in a much lighter wallet situation. If it's a self propelled vehicle designed for off road use only, and the tyres and mechanical features aren't designed for highway use it's on you to explain how you are staying within the law regarding safety of the vehicles.
As with anything like this, you might have more luck in the sticks far from a city than one street off SH1 in an area with urban sprawl encroaching, but it is still more than I would be comfortable doing on a regular basis. I'd be looking for a cheap tandem trailer and running that reg and warranted, avoid the entire trap. I wouldn't be bothered with stripping mechanical parts off like driveshafts, as it doesn't get around the point that the vehicle is designed to be self propelled and removing and replacing mechanical components doesn't change that fact that if complete it could still be driven. There are carve-outs where you don't have to register and licence your vehicle, but a lot of it is specific to construction and agriculture machinery and not toys. Also, if you are crossing a road between paddocks or driving only on a private road you don't need reg/license as well.
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