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

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

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

Grants additional investigation and enforcement powers to the relevant state or territory regulator