Elections ACT has confirmed it has received two complaints about the conduct of the Canberra Liberals' administrative hierarchy in failing to declare up to $436,000 owed to creditors, in breach of the territory's electoral finance laws.

A party spokesman said the division's administration had complied with the territory's financial disclosure laws as far as it understood them.

The electoral authority says it will not investigate allegations that the party did not disclose the extent of its debts until its routine audit of all three main parties is complete.

But members are clamouring for full disclosure of their party's finances and the bitter ideological split gripping the local branch has spread to the capital's Young Liberals and its student wing, with the two youth groups splintering into four factions.

The dissident faction in the party's main branch says it has more than 300 recruits - up to half of the membership.

The Liberals' debts at the reporting cut-off date of June 30 included a $296,000 secured bank overdraft, which was not disclosed to Elections ACT.

That debt is believed to have been recently refinanced through a mortgage on the branch's commercial property holdings in Deakin.

The party has also failed to declare a $140,000 debt it is disputing with Australia Post.

In the party's 2011-12 return to Elections ACT, it declared a debt to St George Bank of $127,971 among its total debts.

The ACT Liberal Party's original 2012-13 annual return to Elections ACT, as well as an amended return submitted last month, reported $47,161 in debt - a fraction of the division's financial liabilities.

Both returns were signed by former Canberra Liberals president Tio Faulkner, who stepped down as the party's boss at the division's annual general meeting last Wednesday.

The party's new president, Peter Collins, is the division's most recent finance director.

Senior party figures say the true extent of the party's debt is disclosed in internal accounts kept at the division's headquarters at 221 London Circuit. Those accounts were only partially shown to members at Wednesday's AGM.

The full debt is split within the account documents between a balance sheet and a set of notes.

Under ACT law it is an offence for political parties to provide an incomplete or misleading return to the electoral commission, with financial penalties for providing an incomplete return.

The penalties for reporting misleading information include heavy fines and prison.

The ACT's reporting rules require parties to declare their total debt at the end of a financial year and that they also list individually any debt of $1000 or more.

Fairfax Media tried to speak with Mr Faulkner and Mr Collins and was sent a statement from the party.

The party's senior administration said in the statement it had made every effort to comply with reporting requirements.

"The issue here is the difference in what is required to be included in the report," a spokesman said.

"We have always been completely open about our finances and remain so.

"If there is a difference to the requirements as we were given to understand, we will work with the commissioner to address it, it's part of the process."

Last week, Fairfax Media revealed the Liberals had also failed to report to the commission more than $80,000 in donations and gifts within 30 days, as required under ACT law.

The party has received nearly $190,000 in taxpayer funds since July last year as an administrative allowance to help it comply with the territory's financial disclosure rules.

Canberra Liberals members have spent months battling the party's management committee for information on the financial status of the division amid fears it could be trading insolvent.

The infighting, which has racked the party since the bitter Senate pre-selection battle between Zed Seselja and Gary Humphries, has intensified with a moderate faction, the Menzies Group, now grown to more than 300 members and the party's youth groups split.

The Young Liberals have cleaved into two sides with a conservative group centred around MLA Alistair Coe now opposed by a moderate faction, many of whom are members of the Menzies Group.

At the university, there are now two separate Liberal Party associations: the ANU Liberal Club and the new Progressive Liberals Students Association, set up because of a lack of representation for moderate Liberals within the ANU Liberal Club.

Party members who attended last Wednesday's AGM said members who queried the division's accounts at the meeting had their questions "trivialised" or "ridiculed" by management, which is controlled by the dominant right faction.