The design of this emblem style logo is inspired by the colors and design of the AAT plane's paint scheme / Austrian flag. The wing's main paint design is cropped within a circle while a large, red "A" (in a gothic European font) is centered within the white. This "A" also straddles a small diamond / checkerboard. These 4 checker squares refer to the paint scheme, but connected with the "A" -they also communicate the "multiplicity" and "unity" of the word TEAM. The squadron's name wraps the design inside of a red circular band. The woven flourished flanking "Team" visually fills the area while connecting the words. They also have a visual significance of appearing wing-like as well as enhancing the checker square / diamond design.
(This comment references Entry #1)