How to prepare for the impact of Coronavirus (COVID-19)

19th March 2020

business owner, jobkeeper, canberra accountant, canberra financial planner

Over the past few months, we’ve faced devastating bushfires, floods and more. Now, many businesses are bracing for the impact of the coronavirus (COVID-19) in a rapidly evolving environment.

We can help you develop and implement a coronavirus response plan for your business. It’s important to be prepared, which includes having a clear business continuity plan to manage some of the risks.

Here are the main areas we’re urging clients to consider when planning.

Staff management

It’s vital to maintain clear communication with staff. Train and educate your staff on office hygiene, as well as your response plan. Where possible, consider:

  • – replacing face-to-face meetings with phone or via video conference
  • – reviewing IT structure and ability to support work-from-home arrangements
  • – clarifying arrangements for staff leave
  • – restricting any non-essential travel and meetings.

Review your cashflow

Be prepared for a temporary downturn in trading conditions. Cash flow is key, and needs to be closely monitored. While it may only be temporary, avoid making rushed decisions that could impact you long-term.

Prepare for supply chain disruption

Keep up constant communication with your suppliers at all times. If something threatens your ability to deliver, put a workaround in place with your clients and customers as soon as possible.

Debt management

Talk to us, and engage with your lenders as early as possible if you think you won’t be able to meet your obligations.

Tax office payments and reporting obligations

Talk to us if you’re concerned about meeting your tax obligations. We can reach out to the ATO on your behalf.

The Federal Government recently announced a stimulus package to help support Australians in the face of COVID-19. The package supports business investment with a significant increase to the thresholds for the instant asset write-off, from $30,000 to $150,000.

It also provides cash flow assistance, through:

  • – wage subsidies of 50% for apprentices and trainees (up to $21,000 per apprentice) for employers with less than 20 full-time employees for up to 9 months until 30 September 2020
  • – credits of up to 50% (up to $25,000) for PAYG Witholding reported on Business Activity Statement and Instalment Activity Statements until 30 June 2020.


We can help you understand the stimulus package and the implications for your business. You can read about the full Economic Stimulus Package on the Prime Minister’s website.