Can I use Virgin Australia points to upgrade on Etihad?

See below

Hey guys, travelling from SYD-LHR in 3 weeks with EY.  I have 240,000 points with VA - am I able to use these points to score an upgrade on EY metal?  Or any other way I can fly in Business Class on EY using VA point?  Dyeing to try out Business Class on their A380...

Are you a gold or platinum Velocity member and booked on a Flexi, Premium Saver or Premium fare?

Also, is your flight booked with Virgin and has a VA number?  If so, then yes, you can.  If not, then you're outta luck.

NO YOU CANNOT!

I sure hope Arnie did not go ahead and book flights with the intention of upgrading using points because he took your word for it. The terms and conditions are displayed right on the website and easily found.

"To be eligible for upgrades, all flights must be marketed and operated by Virgin Australia, and issued on Virgin Australia ticket stock (featuring a ticket number beginning with “795”). Codeshare flights operated by other airlines not eligible for upgrades."

As someone who states their travel days per year as "not many" you may want to think twice about giving definitive advice on here when you don't know what you are talking about. As Sean said lucky the OP didn't book tickets based on your advice.

Yes I'm a gold velocity member - booking flights today...

You need to be flying with Virgin Australia to upgrade - you can't use Velocity points to upgrade on Etihad, even if booked on a VA code.

Thanks guys :)

Short Anwser, NO

In response to:
Or any other way I can fly in Business Class on EY using VA point?

Yes - you can use your Velocity points to book an Etihad Business Class Reward Seat, even if it's an EY flight number. 

Done it myself :)

Yes thats true! I've done it as well for a flight from SYD to AUH on the A380. It cost 94k points one way. Great redemption. Availability can be very limited though so you need to be flexible. I tried to book a reward seat on the Etihad 787 from Brisbane to AUH one month out and had no luck. However, I was able to redeem points for that same route for trip in March. 

I understand that its only 125k to JFK also from SYD

110,000 points Europe to Aus in EY J seems pretty good to me.