Hi Turtle/Incogneto,
CAR's definition section define what is "recognised flight time" and it includes all kinds of things including RAA aircraft.
There is no requirement for the aircraft to have AH DH or VSI - lots of GA registered aircraft don't have these instruments, nor are they required. The only time these instruments would be needed would be if you wanted to log instrument time (even then it could be done "limited panel") or on the test.
I personally logged about 100 hours of ultralight time that I used towards my CPL........so it has been accepted in the past.
Look up the definition section of the CARs "recognised flight time". Clearly the intention of the regs is that ultralight time counts.
Would be interested to hear if CASA now intend to change there thinking on this subject.....................