It would definitely have to be registered. Without registration, how and whom would they know they are looking for?

emergency contact details would need to be on file to verify if it is a legitimate epirb activation and to check the persons plans and behaviour.

 Almost certainly worth some money provided the epirb component can be renewed. With the bracket included, I am sure some crayboat / charter would be half way interested.

 Yeah thought as much I guess the epirb info would be on the sticker. Also wondering if the epirb would automatically go off if the raft was deployed?

 for commercial (in survey) vessels, they need to send them in for a service to replace flares, EPIRB, food, medicine, torch batteries etc. They're fully inflated to check for leaks and gas canisters replaced.  Unfortunately, used and out of survey rafts aren't worth as much as you would think because you need to spend a heap of cash to bring it up to date.

EPIRB's are  no different to those you buy in the shops. Some can be water activated, others manually. The EPIRB will generally be in a waterproof container inside the raft. It's also best to get one that houses the max number of people your boat can carry, not more. These rafts are well known to get flipped by the wind, so the more weight the better.

My suggestion - take it to the local marina and pop it open. Good fun and you'll learn more about it. Then take it in for a service.

In the commercial environment they are surveyed every year I think and not cheap.

Recreational not a requirement if a life raft isn't.

Epirb should be registered but it they don't need to know who they they are looking for.

But if that raft is an old one it may have the 121mhz one in it still.

Where did it come from?

 Used to cost us $1800 - $2500 to get our  16-25 man rafts serviced in Karratha and Darwin. As before, there will be rations, flares and possibly an epirb in it. 

I dare say that you would have a very very narrow market to sell it to, if it is in service.

 Cheers guys. Not going to chuck any big money at it as I picked it up for next to nothing for a bit of fun from a liquidation sale. Thinking of dragging my son and his mates around in it in the estuary this summer or something like that with my mates out in the ocean. I just thought I would check as I was worried that the epirb might automatically get set off. 

 Should have some good quality rope small sea anchor and a few safety bits and pieces you could transfer to your boat. 

Most life rafts I have seen cracked open have a couple of dozen packs of barley sugar in them.
Good quality too.

 Check when it was last serviced, should be a sticker on it

we just had our 6 man unit serviced without Epirb $1100. Depends on what needs doing , Servitec. In Myaree do these , if you google lift raft servicing there are two companies in Perth area that do that work 

When and if you inflate it, stand back and remember that there is a fair bit of force released by the gas bottle and they can be volatile when "popped" on land.

Once in it, you know why you really need to look after your boat and never hop in one again.