Independent candidate Tony Windsor raised nearly half a million dollars in donations to try to oust the Deputy Prime Minister from his seat at this year's federal election.

Key points: Tony Windsor declares receiving money from more than 4,000 donors

Tony Windsor declares receiving money from more than 4,000 donors His major donor entrepreneur Graeme Wood donated $200,000

His major donor entrepreneur Graeme Wood donated $200,000 Electoral donations declarations don't show how much money major parties raised

The donations are included in Mr Windsor's return to the Australian Electoral Commission, released today.

While Mr Windsor was ultimately unsuccessful in his challenge for the New South Wales seat of New England, he has declared receiving money from more than 4,000 donors to fund his fight.

His major donor was entrepreneur Graeme Wood, who gave $200,000.

In the 2010 election, Mr Wood donated $1.6 million to the Greens — the largest declared donation in Australian history.

Leaked emails out of the United States showed he also considered donating half a million dollars to a campaign against media outlets that denied the existence of climate change.

Mr Windsor held the seat of New England until 2013, when he announced he was retiring.

Deputy Prime Minister and Nationals' leader Barnaby Joyce used that as an opportunity to move from the Senate to the House of Representatives and secured the seat in the 2013 election.

After the distribution of preferences in this year's election, Mr Joyce secured 58 per cent of the vote, compared to Mr Windsor's 42 per cent.

Mr Windsor was the highest-spending individual candidate in the 2016 election, pouring nearly $604,000 into his campaign.

Independent candidates profit the most

Two independent candidates pocketed the most money from this year's election.

Victorian MP Cathy McGowan raised nearly $204,000 and secured another $81,000 in public funding.

Her declaration showed she only spent three-quarters of that money, leaving her with a profit of $72,521.

Ms McGowan successfully secured the seat of Indi for a second term, beating her challenger former Liberal MP Sophie Mirabella.

Fellow independent candidate Rob Oakeshott also profited from the election, but was not successful in his bid for the NSW seat of Cowper.

The former MP announced his candidacy late in the race, leaving him with only three weeks to campaign.

He secured nearly $124,000 in donations and public funding, but only spent $56,100 on his campaign.

He was left with a profit of $67,662.

Australians won't know full extent of donations

The electoral donations declarations do not show how much money the major parties raised.

That money is considered general political donations and the data will be released early next year — more than seven months after the federal election.

It is expected those donations will total far more than $20 million, based on gifts during previous election years.

Even when those donations are made public, Australians still will not know the real figure of how much money was given to our political parties.

That is because Australia has some of the most lax political donation laws in the Western world and only requires disclosure of donations over $13,000.

Donations can also be described as "other receipts" which is an opaque category that can include things like interest payments, rent or gifts in kind.