Amends the: Commonwealth Electoral Act 1918 and Referendum (Machinery Provisions) Act 1984 to: update key definitional terms including the meaning of ‘gift’, ‘disclosure threshold’ and ‘candidate’ and introduce the category of ‘nominated entity’; require expedited disclosure of gifts; consolidate financial reporting obligations; and make machinery amendments in relation to electoral and referendum operations; Commonwealth Electoral Act 1918 to: establish an annual gift cap, an overall gift cap and a State and Territory gift cap; establish annual caps on electoral expenditure; expand on existing obligations in relation to Commonwealth campaign accounts; introduce a new system of administrative funding and increase election funding; streamline reporting obligations for Senate groups; and make technical amendments in relation to compliance and enforcement powers.