Free Injury Damages Calculator App

The “Injury Damages Calculator” is now available for free from both iTunes and Goggle Play. The App calculates future/deferred losses on the 3% and 5% actuarial tables, together with contingencies and superannuation.

Download for iPhone

Download for Android

Injury Damages Calculator - screenshot thumbnail

Apart from these features, the App provides the staged the increases to compulsory superannuation which commenced 01/07/2013, together with averaged superannuation estimates for periodic future lost income as follows:

Period RATE
1 July 2012 9%
1 July 2013 9.25%
1 July 2014 9.5%
1 July 2015 10%
1 July 2016 10.5%
1 July 2017 11%
1 July 2018 11.5%
1 July 2019 onwards 12%
YEARS AVERAGED SUPERANNUATION
5 9.6142241%
10 10.5193704%
15 10.8981981%
20 11.0818318%
25 11.188992%
30 11.2560827%
35 11.3019406%
40 11.3338779%
45 11.3563157%
50 11.37346311
55 11.38604418
60 11.39575099

 

The calculation is done on the basis of calculating a deferred period. By way of example – $100 loss per week over 10 years:

YEAR OF LOSS RATE 5% MULTIPLIER LOSS
1 9% 51 $459.00
2 9.25% 48 (99-51) $444.00
3 9.5% 47 (146-99) $446.50
4 10% 44 (190-146) $440.00
5 10.5% 42 (232 -190) $441.00
6 11% 39 (271 -232) $429.00
7 11.5% 38 (309 – 271) $437.00
8 12% 37 (346 – 309) $444.00
9 12% 34 (380 – 346) $408.00
10 12% 33 (413 -380) $396.00
Total loss $4,344.50

 

Accordingly, the loss of superannuation of $4,344.50 can be averaged by dividing it by the total lost income ($100 x multiplier 413 = $41,300), and converting it into a percentage:

$4,344.50/$41,300.00 x 100/1 = $10.5193704%

I trust you find this useful. Please provide feedback on its application.

 

Brisbane Barrister – David Cormack

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