ACT leader Rodney Hide lodged the complaint this afternoon.
The Electoral Commission was waiting to hear from New Zealand First before taking action. A commission spokesman confirmed that anyone could lodge a complaint with police.
Donations to the party are already being investigated by the Serious Fraud Office, after a complaint from Mr Hide. Parliament's select committee is looking at a separate question around a $100,000 donation to pay for NZ First leader Winston Peters' legal fees.
NZ First has admitted breaking the law in 2005 by failing to declare a $50,000 donation from the Spencer Trust, but cannot be prosecuted because it is outside a six month statute of limitations.
Trustee Grant Currie said the Spencer Trust had also channelled more than $10,000 to NZ First in 2006 and 2007, despite the party declaring "nil" returns.
Party secretary Anne Martin told NZPA that she signed the nil declaration for 2007 believing it was correct.
"I signed it knowing in my mind that it was correct and you are telling me there is a suspicion somewhere that it's incorrect and that's not my understanding," she said.
"If I signed it off that it says that it's nil then that's exactly what I understood... I'm annoyed that people think my actions are incorrect and my belief is the return is correct."
NZ First MP Dail Jones, who was party president in 2006, did not believe there had been donations over $10,000 in that year.
The Electoral Commission spokesman said it had yet to receive the request to amend the 2005 return from NZ First.
"We are maintaining a watching brief. We are waiting to hear from the party in regard to its 2005 return, they've indicated we are going to hear from them and we will see if they have got anything to say about other years," he said.
"No doubt the party is aware of the discussion about other years and might cover that off in that communication from them."
Commission chief executive Helena Catt was looking at options which included referring the case to police.
Mr Hide's formal complaint letter to police outlined the apparent breach and asked police to investigate.
A police national headquarters spokesman said the complaint had been received and would be assessed.
"We don't know how long it will take to establish whether there's any evidence there. That's the first step... if there is it will be investigated."
NZ First submitted its 2007 return late. It was due on April 30 but was not filed until May 16. If a prosecution was to made it would need to happen within six months -- that is before November 16.
The commission spokesman said if a corrupt practice was proven the party secretary could be fined $20,000 and or a year in jail. If the offending was unintended the penalty was just the fine but if the secretary was found to have taken all reasonable steps and believed they filed an accurate return they had a defence.
ACT leader Rodney Hide said Mr Peters had to take responsibility for the mess given that the party's 2007 return was two weeks late because party officials were waiting for him to sign it off.
"So Winston's responsible for everything and it wasn't that long ago that he was denying any knowledge of the Spencer Trust. Now we understand it's a major funding route for his party," he told NZPA.
"It's inconceivable that he does not know about its operation."
Mr Peters said the complaint was "grandstanding" and a waste of time.
"It will be obvious to the meanest of minds that Winston Peters cannot be the subject of the complaint," Mr Peters said in a statement.
"The party intends to clarify some very simple issues giving rise to a misrepresentation in the public arena."
Mr Currie has said the Spencer Trust was set up in 2005 for the express purpose of funnelling supporters' money to NZ First.
Several parties use trusts to channel money, as it means only the trust's name must be declared in the party's returns, rather than the names of individual donors.
