Powerful Legal Tools
NetActuary has commenced a major project, co-ordinated by Claire, to provide lawyers with a suite of relevant, powerful
calculators and automated reports. We will commence with Tort Law calculators. With factors such as varying employer superannuation contribution
rates; changes in tax rates; different levy and tax offsets etc manual calculations can be very tedious. Having online tools will allow statement
of claims to be drafted in a timely and cost efficient manner.
NetActuary has extensive experience in helping an area transition to a new digital world. My previous firm, Bendzulla Actuarial,
totally changed how legacy pension and exempt current pension income actuarial certificates were produced. We seek to do the same for the
computational report requirements for lawyers. While we are fortunate to have Claire to co-ordinate this area with her experience as a lawyer,
we invite a few legal practices (large or small) to be development partners with NetActuary. That will allow you to drive outcomes to your
preferences and requirements without cost or obligation and maximise the efficiency gains for your practice. Please contact Claire or Brian
on (03) 9028 5002 or mail@netactuary.com.au. We intend to announce new apps in blog items. If you would like to automatically receive these blogs,
please subscribe via facility on this web page.
Let's start with two fundamental calculators and then make them progressively expand. This will be the past and future
economic and superannuation loss calculators. We will offer a level of sophistication not available by the factor approach. For example if the
loss was for 10.5 years and a salary of $104,000 the factors produce a net of tax loss in the final year of $39,966. The correct answer on the
current tax scale allowing for a proportional ($52,000) earning in the final financial year, is $44,842.
There is lot more power and flexibility in generating loss calculations with a comprehesive financial year by
financial year computational model rather than factors. However we will allow both approaches. With the factors we will create more
convenience by allowing different payment durations eg fortnightly, monthly etc and to retirement durations that extend beyond age 65 to include
the Age Pension age and beyond.