316Interest payable on amounts paid because of false or misleading statements

316  Interest payable on amounts paid because of false or misleading statements  (a) an amount (the principal sum) is recoverable as a debt due to the Commonwealth from a person or estate under section 315; and  (b) the Commission has served a notice on the person or estate (as the case requires) claiming the amount as a debt due to the Commonwealth; and  (c) an arrangement has been entered into between the Commission and the person or estate (as the case requires) to repay the principal sum within the following period (the relevant period):  (i) the period of 3 months from the day the notice is served;  (ii) such longer period as the Commission allows; and  (d) there has been a default (whether before or after the end of that period) in repaying all or part of the principal sum as required by the arrangement.  (2) This section applies if:  (a) an amount (the principal sum) is recoverable as a debt due to the Commonwealth from a person or estate under section 315; and  (b) the Commission has served a notice on the person or estate (as the case requires) claiming the amount as a debt due to the Commonwealth; and  (c) an arrangement to repay the principal sum has not been entered into within the following period (the relevant period):  (i) the period of 3 months from the day the notice is served;  (ii) such longer period as the Commission allows; and  (d) all or part of the principal sum remains unpaid.  (3) Interest is payable on the amount of the principal sum that remains unpaid from time to time.  (4) The interest is payable from:  (a) the day after the end of the relevant period; or  (b) such other later day ordered by a court in any proceedings instituted by the Commonwealth to recover an amount due under this section.  (5) The interest is payable at the rate prescribed from time to time for the purposes of subsection 129AC(2) of the Health Insurance Act 1973.  (6) The interest is recoverable as a debt due to the Commonwealth from the person or estate (as the case requires).