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A Liberal fundraising group in Treasurer Joe Hockey's electorate has repaid $33,000 in political donations made by a company being probed by a NSW anti-corruption inquiry.

The North Sydney Forum had initially refunded an amount of $11,000 when allegations surrounding the company Australian Water Holdings were first raised in the media in February last year.

The company's membership of the forum was also ended immediately.

But a spokeswoman for Mr Hockey told AAP on Thursday the treasurer had been advised that other membership fees, dating back to 2009, had been discovered and a further amount of $22,000 had been returned to AWH.

AWH is at the centre of a NSW Independent Commission Against Corruption inquiry into its dealings with the state-owned Sydney Water.

ICAC heard on Monday the infrastructure company supplied services to Sydney Water on a "costs-plus basis".

AWH executive salaries were hugely inflated and charged back to Sydney Water as administration costs, as were political donations to the NSW Liberal Party, meals, hotels, cars and other expenses.

The inquiry heard that Sydney Water had "unwillingly, unknowingly been a principle donor to the Liberal Party".

Federal Assistant Treasurer Arthur Sinodinos, who will appear as a witness at the inquiry in coming weeks, stepped down from his ministerial role on Wednesday until the ICAC hearings are finished.

Senator Sinodinos, a former NSW Liberals treasurer and president, was a director of AWH from 2008 and chairman from 2010.

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Liberals pay back $33,000 in donations