The relationship between whole effluent toxicity (WET) and chemical-based effluent quality assessment across a range of effluent types was examined for the first time in Serbia. WET was determined by Daphnia magna acute tests, while chemical-based toxicity was taken as theoretical for concentrations of priority chemicals and effluent quality assessment based on the valid Serbian regulations. A poor correlation was found between WET and chemical-based effluent quality assessment: positive toxicity tests were found, in general, in cases where samples satisfied the requirements of mandatory effluent monitoring. Statistically insignificant correlation between the predicted and observed toxicity indicated that the presence of priority substances accounted to the overall toxicity only to a certain degree, most probably due to a rather short list of priority pollutants regularly analysed in effluents. Current monitoring requirements neglect hazards that derive from potentially present toxicants and unpredictable toxicity of complex mixtures, which led to poor correlation between the WET and chemical-based results in this study.