sec.85Recovery of wrongly paid amounts

sec.85 Recovery of wrongly paid amounts

This section applies if a person is required to— repay an amount of a grant— under section 35 (3) or 36 (2) or a repayment requirement; or because of a contravention of section 81 ; or under a repayment notice; or pay a penalty amount. If the requirement attaches to 2 or more persons, the liability arising from the requirement is joint and several. The amount is a debt payable to the commissioner and may be claimed and ordered in a proceeding brought in a court with jurisdiction for the recovery of the amount claimed. The commissioner may enter into an arrangement for payment of the amount by instalments. The arrangement may include provision for the payment of interest at an annual rate equal to the sum of the bank bill yield rate, rounded to the nearest second decimal place, and 8%. In this section— bank bill yield rate , for a particular day, means the monthly average yield for 90-day bank accepted bills published by the Reserve Bank of Australia for the month of May in the financial year immediately before the financial year in which the day occurs. The monthly average yield for 90-day bank accepted bills is published in the Reserve Bank of Australia Bulletin and can be accessed on the internet at <www.rba.gov.au>. (sec.85-ssec.1) This section applies if a person is required to— repay an amount of a grant— under section 35 (3) or 36 (2) or a repayment requirement; or because of a contravention of section 81 ; or under a repayment notice; or pay a penalty amount. (sec.85-ssec.2) If the requirement attaches to 2 or more persons, the liability arising from the requirement is joint and several. (sec.85-ssec.3) The amount is a debt payable to the commissioner and may be claimed and ordered in a proceeding brought in a court with jurisdiction for the recovery of the amount claimed. (sec.85-ssec.4) The commissioner may enter into an arrangement for payment of the amount by instalments. (sec.85-ssec.5) The arrangement may include provision for the payment of interest at an annual rate equal to the sum of the bank bill yield rate, rounded to the nearest second decimal place, and 8%. (sec.85-ssec.6) In this section— bank bill yield rate , for a particular day, means the monthly average yield for 90-day bank accepted bills published by the Reserve Bank of Australia for the month of May in the financial year immediately before the financial year in which the day occurs. The monthly average yield for 90-day bank accepted bills is published in the Reserve Bank of Australia Bulletin and can be accessed on the internet at <www.rba.gov.au>.

• (a) repay an amount of a grant— (i) under section 35 (3) or 36 (2) or a repayment requirement; or (ii) because of a contravention of section 81 ; or (iii) under a repayment notice; or
• (i) under section 35 (3) or 36 (2) or a repayment requirement; or