Okay for starters, for the Main Applicant.. you can benefit from the Australian Study Requirement in two ways.
#1 is to meet the Basic Eligibility Requirement. Meaning if you have completed a CRICOS Registered course which has a course duration of at least 92 weeks, then you are qualified for the work experience exemption. Provided you lodge the visa within <b>6 months</b> after your course completion date.
#2 is to earn additional 5 point. This basically has the same requirements and you need to provide the same supporting documents. The only difference is you can claim points for Australian Study Requirement even after 10 years you graduated from the CRICOS registered course.
This was particularly beneficial for me as my Phils degree was only assessed by ACS as an AQF Diploma (10 points) hence I lack 5 points to get the passing mark of 65 points.
Item #1 is usually claimed by overseas student who are onshore when applying for a GSM visa.
If you plan to claim points for partner skills, your partner can also be exempted from the work experience requirement (12 months in the last 24 months prior to lodging the visa) if he/she completed a CRICOS certified course while in Australia holding a visa that allows them to study.