The South Australian Liberal Party has not received a $1.2 million donation from a mining company boss, Opposition Leader Steven Marshall says.
But should it arrive, he said the party would comply with strict disclosure rules.
Treasurer Tom Koutsantonis has raised concerns about the possible donation from businesswoman Sally Zou.
But Mr Marshall rejected any suggestion it would buy influence over a future Liberal government.
Ms Zou on Friday tweeted a picture of a cheque for $1,212,018 made out to the Liberal Party, but deleted it soon after.
Mr Marshall said he had checked with party officials and no donation from Ms Zou had been received.
"The reality is we have received no cheque from Sally Zou. I really can't explain the tweet that went up yesterday," he told reporters on Saturday.
"We are open to donations in the Liberal Party, don't get me wrong. But no big cheque has been received in the mail recently."
Regardless, Mr Marshall said it would not impact on Liberal policies in the run up to the March election.
"I want to make this point really clearly. Unlike the Labor Party, the Liberal Party isn't open to any donations that might influence our policy," he said.
"This is a complete contrast to the Labor Party who receive a huge amount of money from the trade unions."
Mr Koutsantonis said the SA Liberals needed to explain their involvement with Ms Zou.
"What is Sally Zou expecting in return for her donation?" the treasurer said.
Under current arrangements, donations of more than $5191 have to be disclosed within seven days.
The Electoral Commission's website so far lists only five donations to the Liberals above that amount, including two which were both for $166,000.
The largest single donation to the Labor Party listed on the site for 2018 is $150,000 from the Shop, Distributive and Allied Employees Association.
Ms Zou has been contacted for comment.
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