"Mental," written and directed by Hogan, centers around a philandering politician who employs Shaz (Collette), a crazy hotheaded hitchhiker, to nanny his five daughters after his wife is hospitalized following a nervous breakdown.
The cast will also include Deborah Mailman, Rebecca Gibney, Kerry Fox, Caroline Goodall and Sam Clark.
The film will begin shooting July 25 in Australia and is produced by Jerry and Janet Zucker, Todd Fellman and Jocelyn Moorhouse.
Schreiber won the Tony Award in 2005 for his performance in Glengarry Glen Ross and was also nominated for his performances in Talk Radio and A View From the Bridge.
LaPaglia won the Tony Award in 1998 for his performance in A View From the Bridge, and Collette was nominated for her performance in The Wild Party.