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
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.
Brisbane Barrister – David Cormack
Recent Comments