The fee is waived in NSW. It still shows up on the form because it's generic, but the NSW Police Ministry have said that the $127 fee is waived for Transformers collectors. Not sure about other states, but it might be worth mentioning that this fee is waived in NSW.

In this letter from the NSW Firearms Registry, 8/10/2007 it states:
"In recognition that many people wanting to own a Megatron Transformer are interested in the item as a toy and not as a replica firearm, as the Commissioner's delegate in weapons related matters, I will ensure that the regulatory requirements are simple and easily to comply with. Accordingly, I will exempt the fee for a permit pursuant to clause 36 of the Weapons Regulation."