Video released by the Australian Transport Safety Bureau showed the parachutist preparing to exit a Cessna Caravan over Tully in far north Queensland on September 20.
He was part of a 16-way formation jump from about 4500m with 17 other parachutists on board, including a camera operator who was to film the jump.
But as the man clung to the side of the aircraft's roller door, the handle of his reserve parachute caught on the wing flap, causing it to deploy prematurely.
The man was instantly dragged backwards, with his legs striking the tail's left horizontal stabiliser, damaging it. He was then suspended as the parachute wrapped around the stabiliser.
Thirteen of the remaining skydivers then quickly exited the aircraft, with two left watching as the snared parachutist frantically cut himself free with a knife.
He was able to land safely after his main parachute deployed, despite being entangled in the remaining lines and canopy of the reserve chute. He suffered minor injuries to his legs.
In the meantime, the pilot of the Cessna was left fighting for control of the damaged aircraft, with part of the reserve parachute still wrapped around the tail.
The pilot, who was also wearing an emergency parachute, briefly contemplated bailing out of the aircraft before regaining enough control to return to Tully, landing safely.
The ATSB investigation found that while it did not contribute to this accident, the pilot and aircraft operator did not ensure the aircraft was loaded within its correct weight and balance calculations.
"Fatal parachuting accidents have occurred in the past due to aircraft being loaded outside centre of gravity limits," ATSB chief commissioner Angus Mitchell said.
He also said that while it was not a regulatory requirement, the parachutist's hook knife had been life-saving in the emergency that unfolded.
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