Document ID: chunk:federal_register_of_legislation:C2024C00582:section:192
Version: federal_register_of_legislation:C2024C00582
Segment Type: section
Provision Reference: s 192
Character Range: 298098–299964

192  Recovery from an ADI

Payment into wrong account or payment for deceased person
 (1) This section applies if:
 (a) an instalment or a PPL funding amount is paid to an ADI for the credit of an account kept with the ADI in the name of a person or persons; and
 (b) a debt that is recoverable by the Commonwealth under this Act arises (or such debts arise) because either:
 (i) the payment was intended to be paid to someone other than the person, or those persons; or
 (ii) the payment was intended to be paid to the person, or one of those persons, but the person for whom the payment was intended dies before the payment was made.

Notice to ADI requiring repayment and to deceased estate
 (2) The Secretary may give a written notice to the ADI setting out the relevant matters referred to in paragraphs (1)(a) and (b) and requiring the ADI to pay to the Commonwealth, within a period (being a reasonable period) stated in the notice, the lesser of the following amounts:
 (a) the amount of the instalment or PPL funding amount, as stated in the notice;
 (b) the amount standing to the credit of the account when the notice is given to the ADI.
 (3) If the notice relates to a payment to a person who has died, as soon as possible after issuing the notice, the Secretary must inform the deceased estate in writing of:
 (a) the amount sought to be recovered from the deceased person's account; and
 (b) the reasons for the recovery action.

Offence for contravening notice
 (4) A body corporate commits an offence if:
 (a) the body is an ADI; and
 (b) the body is given a notice under subsection (2); and
 (c) the body refuses or fails to comply with the notice.
Penalty: 300 penalty units.

Amount recovered reduces debt
 (5) Any amount recovered by the Commonwealth from an ADI under this section reduces the amount of a debt referred to in paragraph (1)(b).