Treasury has published the draft Competition and Consumer (Notification of Acquisitions) Determination 2025 outlining the proposed notification thresholds that trigger a requirement to notify the ACCC of a proposed acquisition under the new merger regime established by the Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024. Background.

The regime commences on a voluntary basis from 1 July 2025 and becomes compulsory on 1 January 2026.

The purpose of the Determination is to support the new system by:

• determining the circumstances where acquisitions require notification;
• determining exceptions to the general circumstances;
• determining the classes of acquisitions requiring notification; and
• determining forms and the information and documents required to accompany forms.

One circumstance requiring notification to the Commission is where an acquisition results
in a large or larger corporate group. By setting a combined turnover threshold of $200 million or more and requiring the target to have turnover of $50 million or more or a transaction value of more than $250 million, the intent is to allow the ACCC to assess acquisitions involving large entities.

Another circumstance requiring notification to the Commission is where a very large corporate group acquires a target with turnover of at least $10 million.

The merger parties will need to notify the Commission if:

• the acquisition is of shares or assets that are connected with Australia; and
• the principal party’s turnover is $500 million or more on the contract date; and
• the target’s turnover is $10 million or more on the contract date.

Creeping or serial acquisitions are also covered.

The turnover thresholds are based on “current GST turnover”.

Acquisitions related to certain fundraising activities and for the taking of security are exempt from the notification requirement.

Large supermarkets must notify regardless of thresholds

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