Repeals sections 14 through 22 of the existing Act, replacing them with a streamlined single-stage approval process administered by the department

Amends the definition of 'eligible entity' to include partnerships and trusts with annual turnover exceeding $10 million

Introduces criminal penalties of up to 5 years imprisonment for intentional and repeated breaches of the primary obligation

Requires all affected parties to submit quarterly compliance reports to the relevant minister within 60 days of each quarter's end