Sydney Trains and NSW Trains are accredited under the Rail Safety National Law (NSW) as rail transport operators. RailCorp has no accreditation and is not a rail transport operator.
Sydney Trains operates stations within the area bounded by Berowra, Emu Plains, Macarthur and Waterfall. These stations are also used by passengers travelling on NSW Trains services. Sydney Trains also provides a limited number of services that operate outside that area, where the timetable requires those services to be provided with Sydney Trains rolling stock. I'd assume this includes the current Tangara to Springwood, Helensburgh, as well as the Newcastle/Wollongong suburban trains.
Transport Cleaning Services (TCS) operates as part of RailCorp - Although TCS is legally a separate entity, created as a ‘public subsidiary corporation of RailCorp, for most purposes it functions as a division of RailCorp.
RailCorp continues to be the owner of the rail network, including the stations, and rolling stock, including works trains. Special arrangements apply to the Waratahs, which are being delivered through a Public Private Partnership. Despite the fact that Reliance Rail is controlled by the NSW Government, it seems to be operating as a stand alone entity still, to allow the government to sell their share when it becomes profitable
Third party access to the rail network is provided by RailCorp. Transport for NSW acts as RailCorp’s agent for the grant of access.
Non-operational heritage assets will remain in RailCorp until a new heritage organisation is established by Transport for NSW.
Sydney Trains maintains the rail network infrastructure on behalf of the owner, RailCorp. NSW Trains contributes to the cost of the maintenance of the rail network.
Sydney Trains undertakes maintenance of rolling stock and stations allocated to Sydney Trains under its Rail Services Contract. Sydney Trains has a contract with NSW Trains to maintain rolling stock and stations allocated to NSW Trains under its Rail Services Contract.
So it certainly seems that RailCorp lives on, despite what many here have been suggesting.