Complex sentence: The Squadron was formed in 1942 and saw extensive action in the South West Pacific theatre of World War II. It was most recently in action in Iraq in 2003 as part of the Australian contribution to the invasion of Iraq.
Split into simpler sentences: The squadron was initially formed in 1942 and saw extensive action in the South-West Pacific during World War Two. The squadron most recently saw action in Iraq in 2003 as part of the Australian contribution to the invasion of Iraq.