Merger reform update – filing fees, pre-notification request forms and transitional guidance

In our earlier article (see our previous article) we discussed reforms to Australia’s merger system from a voluntary to a mandatory notification regime. The new regime became available to use voluntarily on 1 July 2025 and will be mandatory from 1 January 2026 in respect of certain merger transactions. The ACCC continues to be the regulator of merger activity in Australia.

On 30 June 2025, the Australian Government published the Competition and Consumer (Notification of Acquisitions) Determination 2025 (Determination) which confirms the filing fees, notification thresholds, prescribed forms and transitional rules which will apply under the new regime. This update provides a summary of the key changes to the new regime as a result of the Determination.

1. Filing fees for 2025-2026

Cost recovery model

Fees charged by the ACCC under the new regime will be subject to cost recovery policy requirements.[1] Cost recovery involves government entities charging non-government entities some or all of the costs of a regulatory activity.

Fees

The fees for 2025/2026 are:[2]

Under the new regime:[3]

• a fee will be payable for notification waivers and phases of the review process (i.e Phase 1, Phase 2 and public benefit assessments);

• fees are influenced by the complexity and competition risk of the merger application. High risk mergers will be subject to high fees to reflect the resources required to assess those mergers;

• the merger party that submits a notification to the ACCC for review or applies for a waiver will be responsible for paying the fee. If the review proceeds to a Phase 2 or a public benefit review, the party seeking the determination will pay the fee; and

• the cost recovery model is based on five design principles which aim to ensure that ‘the overall fees system is efficient, equitable and transparent for parties and the ACCC to navigate’.

Small business fee exemption

Small businesses may be eligible for a fee exemption. The Determination provides that no fees will be payable by a notifying party if:[4]

(a) there is only one notifying party of the acquisition - the notifying party is a small business entity for the income year that includes the contract date; or

(b) there is more than one notifying party - all the notifying parties are small business entities for the income year that includes the contract date.

‘Small business entity’ has the meaning in the Income Tax Assessment Act 1997 (Cth), being a small business with aggregated turnover of less than AUD $10 million.

2. Pre-notification request forms

The Determination includes the prescribed form of the application that merger parties must lodge to notify a proposed acquisition, as well as the information and documents required to accompany the application. There are both short form and long form applications.

The ACCC has said:[5]

• the short form should be used for straightforward acquisitions that are unlikely to raise competition issues. It is expected the short form will be appropriate in most cases; and

• the long form is to be used for acquisitions that are more complex and raise greater competition risks.

The ACCC has provided guidance on when the long notification form is to be used (see here). To facilitate the ACCC’s review of the application, parties should ensure that all the required information is submitted with the application.

3. Transitional guidance

As of 1 July 2025, merger parties will have two options for engaging with the ACCC about proposed acquisitions between 1 July and 31 December 2025.[6] Parties can either:

(a) continue to use the current informal merger review process; or

(b) notify proposed mergers under the new regime on a voluntary basis.

However, if parties choose option (a), we recommend they should engage with the ACCC as soon as possible because if the review has not been completed by 31 December 2025, the notifying party will have to re-notify the proposed acquisition when the regime becomes mandatory on 1 January 2026 (effectively starting the process again).

As the regime becomes mandatory in a matter of months, voluntary notification under the new regime now may be the better option as it will provide greater certainty on timeframes and avoid the need to potentially re-notify the ACCC on 1 January 2026.

If you have any questions about the new regime or need advice about voluntarily notifying the ACCC about an acquisition, please contact the writers.

 Authors: Karen Wong & Isabella Costa

Supporting partner: Rebecca Hegarty 

This publication is intended as a source of information only. No reader should act on any matter without first obtaining professional advice.