The Greens claim they have uncovered significant irregularities in the disclosure of political donations and loans made by Senator Bob Day and his private company to his party, Family First.

About $275,000 is unaccounted for in the disclosures, according to the Greens democracy spokeswoman, Senator Lee Rhiannon.

Senator Day has told SBS that he and Family First have met all their disclosure obligations, but Senator Rhiannon has written to the Australian Electoral Commission to request a compliance review.

“Family First's disclosure irregularities are more evidence that we need far reaching reform of political donations and increased penalties for violations,” Senator Rhiannon said.

“People understandably become frustrated and cynical about our democratic process when they see rich individuals like Bob Day and Clive Palmer bankrolling their own political careers.”

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The Greens are vying for Senator Day’s seat in the federal election on Saturday.

They say AEC returns show $938,975 in payments from Bob Day or his private company to Family First from 2010-11 to 2014-15.

They say a payment of $381,775 in 2012-13 was not recorded as either a “donation” or “other receipt” in Family First's return, which “appears to be a breach of disclosure requirements”.

Family First’s 2011-12 disclosure had shown $57,360 in total debts to “B Day”, while an amended return submitted 18 months later reported total debts of $1,089,000 to “Robert John Day”.

The 2012-13 return recorded $1,470,775 owed to “B & B Day Pty Ltd”.

Then, the party’s 2013-14 return recorded no debt owed to Bob Day or the company.

That meant Family First would need to have made payments of at least $1.47m to have paid off the loan, according to the Greens, but the disclosure only records $1,194,882 in payments – leaving a hole of about $275,000.

“The payments made from Bob Day and his private company to Family First add weight to the Greens' call for political donation reform,” Senator Rhiannon said.

“Caps on political donations and election expenditure are urgently required to help restore confidence in our democratic system.

“Political donation reform is urgently required to help ensure elections are a contest of ideas, not bank transfers.