Coronavirus (COVID-19)
Business advice



COVID-19 presents a significant threat to business health. For many businesses, government moves to protect the public and reduce the spread of the virus results in a sudden fall in demand for products or services, labour shortages and supply disruptions. As part of a comprehensive risk management strategy, there are a range of actions you should consider taking to assist you or your client’s business to manage through the crisis and prepare for recovery.

Continue to explore our vast resources, advice and guidance on COVID-19 for other key topics.


Small business resources

The impact of COVID-19 presents a significant threat to many small businesses, including a sudden fall in demand for products or services, labour shortages and supply disruptions.

There are a range of actions you should consider taking to enable your business, or support your clients' business, to manage through the crisis and prepare for recovery.

View Resources

Road to recovery

Bernard Salt predicts staircase recovery for Australia post-pandemic
In this podcast episode, Bernard Salt provides an insight into the economic and social trends in Australia for the remainder of this year and beyond, and why he thinks the path ahead is a "staircase recovery", with the real issue being how to navigate it.
Uploaded May 2020 | Podcast

Roadmap to Recovery
CPA Australia has developed a one-page roadmap to recovery to help you navigate the way forward and find the resources you need.
Uploaded May 2020 | PDF

Business Recovery from COVID-19: Tips for Small Business
Governments are easing restrictions in stages and therefore businesses will recover at varied paces based on geography and industry. Read our tips to help start your business recovery.
Uploaded May 2020 | PDF

See further resources to support you on the road to recovery.

View Resources

Public Practice Resources

Request for financial information for commercial rent relief
If a client asks you to prepare financial information (e.g. turnover) for the purpose of seeking a reduction in commercial rent from their landlord, you may use this example of an Accountant’s compilation report and Accountant’s Report disclaimer.

You need to ensure the APES 315 Compilation Report and Accountant’s Report Disclaimer on an Engagement to compile Special Purpose Financial Information for regulatory compliance purposes with respect to lease renegotiations due to COVID 19 is right for you and your practice. You should use it as a guide and tailor it to your needs. You may consider seeking further professional advice on your particular circumstances. For more information refer to APES 315 Compilation of Financial Information.
Uploaded May 2020 | DOC

Remote working checklist
Additional risks can arise when teams start working from home. Luckily there are some simple policies, settings and tools that firms can deploy to significantly reduce their risks. In this checklist we share 11 low-cost tips for doing this.
Uploaded May 2020 | PDF

COVID-19 employer’s manual for public practitioners (member login required)
This COVID-19 employer’s manual has been produced to provide accounting practices with guidance around the employment and industrial law updates arising out of COVID-19. The manual covers amendments to the Fair Work Act (including JobKeeper), amendments to the Modern Awards, general stand down provisions in the Fair Work Act, and remote working and working from home, including templates and forms.
Last updated May 2020 | Article

Economic stimulus package in response to COVID-19 (member login required)
Robyn Jacobson FCPA, Senior Tax Trainer at TaxBanter, provides valuable insights and accurate information on the eligibility conditions and the impact of each stimulus measure in response to COVID-19.
Uploaded April 2020 | Webinar

Community campaign videos and shareable posts
CPA Australia's community campaign reaching out to small business commenced on Friday 17 April with the message that it's more important than ever to speak to a professional accountant. View videos and supporting resources for how a professional accountant can help your small business. You can share these videos with your clients and broader network by accessing the posts on Facebook and LinkedIn and nominating to share them with your own personal comment.

Tips for tax agents on the JobKeeper payment
Enrolments for the JobKeeper payment begin from Monday 20 April. CPA Australia has developed some tips for tax agents assisting their clients.
Last updated 16 April 2020 | PDF

Fact sheet: The meaning of insolvency
The risk of corporate failure under the current and evolving COVID-19-related economic circumstances is unprecedented. Learn about the sophisticated mechanisms that are in place for resolving the affairs of failed companies.
Last updated April 2020 | PDF

Client resources: Record of advice templates – early access to super
Any individual considering early access to superannuation should first seek professional advice. These two record of advice (ROA) templates have been developed to support financial advisers and registered tax agents (RTAs) in providing advice to clients about early access to superannuation under the regulatory relief measures. Download the financial adviser super access ROA template (DOC) and the RTAs super access ROA template (DOC).
Uploaded April 2020 | DOC

Terms of Engagement template for BAS Agents
MEMBER ONLY RESOURCE – the Tax Practitioners Board has extended the definition of BAS Agent’s services to include advice on the Australian Government’s COVID-19 stimulus support package. BAS Agents and Bookkeepers can use this Terms of Engagement (TE) template for the delivery of JobKeeper advice.
Uploaded May 2020 | DOC

Client resources: JobKeeper Payment Scheme – service entities
MEMBER ONLY RESOURCE – provides CPA Australia public practitioners with a fact sheet that can be branded and emailed to relevant service entity clients to enable them to make a quick assessment of their eligibility for the government's JobKeeper Payment Scheme. Simply download the document and add your business details.
Uploaded May 2020 | DOC

Client resources: Updated JobKeeper assessment
MEMBER ONLY RESOURCE – provides CPA Australia public practitioners with a fact sheet that can be branded and emailed to relevant clients to provide them with information about the government's JobKeeper Payment Scheme, and enable them to make a quick assessment of their eligibility. Simply download the document and add your business details.
Last updated May 2020 | DOC

Client resource: JobKeeper Payment Scheme – Supplementary fact sheet
MEMBER ONLY RESOURCE – provides CPA Australia public practitioners with a fact sheet that can be branded and emailed to relevant clients to provide them with information about the recent changes to the government's JobKeeper Payment Scheme, that should be used alongside the primary JobKeeper client resource. Simply download the document and add your business details.
Last updated May 2020 | DOC

Client resources: Cash flow boost assessment
MEMBER ONLY RESOURCE – provides CPA Australia public practitioners with a fact sheet that can be branded and emailed to relevant clients to enable them to make a quick assessment of their eligibility for the government's cash flow boost. Simply download the document and add your business details.
Last updated April 2020 | DOC

Client resources: Access to super assessment
MEMBER ONLY RESOURCE – provides CPA Australia public practitioners with a fact sheet that can be branded and emailed to relevant clients to enable them to make a quick assessment of their eligibility for early access to super. Simply download the document and add your business details.
Last updated April 2020 | DOC

Helping clients with companies in financial distress (ARITA)
The Australian Restructuring Insolvency and Turnaround Association (ARITA), with the support of CPA Australia and Chartered Accountants Australia and New Zealand, has released a special guide for accountants in public practice. It outlines steps you can take to help your clients with companies in financial distress.
Last updated 23 March 2020 | PDF

My Firm. My Future. webinar series for business planning
The accounting profession is facing significant change. In addition to technology, legislation and shifting client demands, COVID-19 has altered the landscape. It is more important than ever for firms to adapt and plan for both the short term and the long term. The My Firm. My Future. workshop and webinar series have been developed to help CPA Australia members in practice prepare for the future and build a sustainable practice.
Last updated 30 March 2020 | Web page

Protect your practice – audits, bans, coronavirus and data breaches
Clare Bannon, CPA Australia's Senior Manager, Professional Standards, joins Rizwan Zaidi, Territory Lead – Risk Proposition at Thomson Reuters, to highlight the risk and compliance issues for tax practitioners. They also discuss CPA Australia’s engagement with Thomson Reuters to provide high quality training content around risk, compliance and ethics.
Uploaded March 2020 | Webinar

How accountants are coping with lockdown and slowdown
The COVID-19 global pandemic is rattling business and finance sectors, health services, and how we go about our everyday lives. With so many employees self-isolating at home, and restaurants and bars shuttered, there is no doubt this is a game changer for many people and the industries they work in. Now, more than ever, a cool head is needed to navigate unchartered waters, and steer clients in the right direction.
Last updated March 2020 | PDF

Supporting clients through COVID-19
Never has good advice been more valuable. Here’s why accounting practitioners should be considering proactively contacting their business clients, not just to explain the relief assistance that is available to them but to advise on whether the measures make sense for their specific business.
Last updated April 2020 | Article

Staying close to clients while social distancing
In these tough times, while we maintain our social distance, clients need to know their practitioner is right by them.
Last updated April 2020 | Article

Tax Resources

Tax frequently asked questions – JobKeeper and cash flow boost
CPA Australia has prepared frequently asked questions (FAQs) for accounting and tax professionals related to the tax issues arising from COVID-19 and the Australian government’s stimulus measures.
Last updated 22 April 2020 | PDF

JobKeeper stimulus: Relief for many, frustration for some
With businesses, not-for-profits, workers and the newly unemployed unclear about their options, business advisory and tax professionals are seeing a significant increase in the demand for their services. Find out who gets what and the rules to follow. Read now.
Last updated April 2020 | INTHEBLACK article

JobKeeper Package: Eligibility, challenges and how to prepare
In this podcast episode, Paul Drum, General Manager of External Affairs at CPA Australia and Elinor Kasapidis, Tax Policy Advisor at CPA Australia discuss the JobKeeper package.
Last updated April 2020 | Podcast

How the JobKeeper initiative will affect clients
The Australian government is providing a wage subsidy – the JobKeeper Payment – for entities whose revenue has been significantly affected by the economic impacts of COVID-19. Here’s a look at the who, what, when and how of the JobKeeper rules.
Last updated April 2020 | INPRACTICE article

NOT FOR PROFIT RESOURCES

Not-for-profit and charities update webinar – COVID-19 challenges
Watch this webinar to hear the latest updates on regulator responses to the COVID-19 crisis and other key areas of regulatory focus relevant to the not-for-profit and charities sector. Read the Q&A.
Updated May 2020 | Webinar

Client resources: JobKeeper Payment Scheme – not-for-profit entities
MEMBER ONLY RESOURCE – provides CPA Australia public practitioners with a fact sheet that can be branded and emailed to relevant not for profit clients to enable them to make a quick assessment of their eligibility for the government's JobKeeper Payment Scheme. Simply download the document and add your business details.
Uploaded May 2020 | DOC

COVID-19 not-for-profit resource
A list of resources to help to the not-for-profit sector through COVID-19.
Last updated 21 April 2020 | PDF

ATO JobKeeper podcast
The ATO released a special JobKeeper Payment webinar with information for not-for-profits and charities.
 May 2020 | Podcast

Financial Reporting and Auditing Resources

IFAC: The financial reporting implications of COVID-19
A summary of key guidance and areas to consider are provided as well as links to key references on the IFAC website.
Last updated 4 May 2020 | Web page

ASIC: Implications for financial reporting and audit – COVID-19
ASIC address the impact of COVID-19 on financial report preparation, including going concern assessments, asset values, disclosures and director liability and Director's solvency statements. Guidance is also provided on reporting and AGM deadlines and how auditor's reports can address the increased uncertainty.
Last updated April 2020 | Web page

Modern Slavery Act – coronavirus information sheet
The Department of Home Affairs provides guidance for entities about how to reduce the risk of vulnerable workers in their operations and supply chains becoming exposed to modern slavery as a result of the COVID-19 pandemic. This information sheet also explains how reporting entities under the Modern Slavery Act 2018 can address the impact of COVID-19 in their modern slavery statements.
Uploaded 23 April 2020 | PDF

Going concern: Business as unusual
The business sector’s “going concern” assessment is generally a rather routine practice, but in extraordinary times no process is as simple as it once was.
Last updated 22 April 2020 | INTHEBLACK article

Impacts of COVID-19 on reporting entities and auditors
To reduce the spread of COVID-19, or the coronavirus, governments have placed restrictions on the movement of people to and from certain areas and countries. In this article, we look at the impact on reporting entities and auditors and how authorities are responding.
Last updated March 2020 | INTHEBLACK article

Auditors turn to new tech amid COVID-19 crisis
As COVID-19 forces many businesses to dramatically change the way they operate and adopt remote working, there are technology solutions that can help auditors stay on top of their game.
Last updated March 2020 | INTHEBLACK article

The Institute of Chartered Accountants of India – impact of COVID-19 pandemic on reporting and assurance
Eminent global speakers including CPA Australia’s Ram Subramanian, Policy Adviser Reporting, discuss the impact of COVID-19 on reporting and assurance.
Recorded 13 April 2020 | Webinar

MEMBER EXPERIENCES OF MANAGING THROUGH COVID-19

Bernard Poon FCPA, Hong Kong
In responding to the COVID-19 outbreak, Bernard Poon, partner at Ernst & Young, has been open and supportive of his staff, maintained a strong relationship with his clients and redeployed resources to improve business operations.
Last updated April 2020 | PDF

Derek Lai FCPA, Hong Kong
With many industries facing significant challenges caused by the COVID-19 outbreak, Deloitte China has been working closely with its clients to navigate through the crisis. Derek Lai, Vice Chairman of Deloitte China, shares his observations on how COVID-19 has impacted a range of industries in China, including automotive, customer products, retail, technology and financial services.
Last updated March 2020 | PDF

Eddie Chew CPA, Malaysia
Eddie Chew, CEO and Founder of Potboy Groceries, an online grocery store discusses the changes in consumer behaviour and its impact on their supply chain management strategy and resource planning.
Last updated May 2020 | PDF

Gark Chee Jin FCPA, Malaysia
Gark Chee Jin FCPA, senior director controller and managing director at Cypress Semiconductor (M) Sdn Bhd, shares his experience managing a global business services as well as semiconductor testing and fabrication operations during the Movement Control Order period in Malaysia.
Last updated May 2020 | PDF

Grace Ng CPA, Mainland China
As an integrated logistics company based in Mainland China, COVID-19 presented SF Express with a very different challenge to many other businesses – how to manage a surge in demand for its transportation and delivery services.
Last updated March 2020 | PDF

Janssen Chan FCPA, Hong Kong
With a focus on meeting the needs of clients and maintaining workplace health and safety, Janssen Chan, Managing Director of accounting firm Anssen Consulting Limited has increased the use of communication and cloud-based technologies, and provided personal protective equipment and hygiene products to staff.
Last updated March 2020 | PDF

Koh Ree Nie CPA, Malaysia
Ree Nie, partner at KPMG, shares that organisational priorities for staff wellbeing and forward-thinking digital transformation initiatives has allowed the firm to cope with the plethora of changes brought on by the COVID-19 outbreak.
Last updated May 2020 | PDF

Roy Lo FCPA, Hong Kong
While the negative impact of COVID-19 has been significant, Roy Lo, Managing Partner of accounting firm ShineWing in Hong Kong expeditiously implemented a series of strategies to mitigate the effects of COVID-19, including a focus on managing cash flow, reshaping business strategies and investing in technology. ShineWing Hong Kong has adopted a number of practical measures to overcome the challenges of COVID-19.
Last updated March 2020 | PDF

Thomas Wong FCPA, Hong Kong
While COVID-19 has negatively impacted business operations at CW CPA, a combination of prudent business measures, targeted investment in technology, and flexible working arrangements has helped the firm increase efficiency while keeping employees safe and motivated.
Last updated March 2020 | PDF

Wayne Treeby FCPA, Malaysia
Wayne Treeby, who oversees finance and strategy in Maxis, built a conservative recovery plan based on the current and forecast economic conditions that suggest a deep U-shaped recovery, as well as personal experience from economic recessions in the ‘80s and the 1997 Asian Financial Crisis.
Last updated May 2020 | PDF

Member FCPA, Hong Kong (this member wishes to remain anonymous)
As a boutique investment firm offering a variety of financial services, this firm has responded to the challenges of COVID-19 by improving cost structures, while cautiously expanding the business and continuing to look for new opportunities.
Last updated March 2020 | PDF

TIPS FOR MANAGING THROUGH COVID-19

Mental health at work – recorded webinar
This recorded webinar explores how members can recognise and support their clients, co-workers and staff who are experiencing mental health problems or conditions as well as ways to look after their own mental health. It was facilitated by Brent Szalay, Managing Director, SEIVA, with special guests Michael O’Hanlon, Workplace Engagement Manager, Beyond Blue and Kathy Bond Workplace Engagement Manager, Mental Health First Aid (MHFA).
Uploaded May 2020 | Video

JobKeeper and Fair Work Act update
Learn about the impact of Fair Work changes and the introduction of the JobKeeper payment scheme on modern awards, enterprise agreements and employment relationships in this recorded webinar with Dixie Emmerton, Managing Director, Centre for Australian Industry. Hosted by CPA Australia’s Tasmanian Division. Password: CPAAustralia2020
Uploaded May 2020 | Web page

Economic update from the Bank of Queensland Chief Economist
Bank of Queensland Chief Economist and Head of Market Strategy Peter Munckton provides an update on the economy and the outlook for the future in this recorded webinar which was hosted by CPA Australia’s Victorian Division.
Uploaded May 2020 | Video

Mental health toolkit
The outbreak of COVID-19 is having a significant impact on the mental wellbeing of individuals within our community. Support your own mental health, and the wellbeing of your employees, with these useful links to information, resources and support.
Last updated April 2020 | Web page

COVID-19 domestic violence resources
The COVID-19 pandemic can increase the impact on those experiencing family violence and their friends and family. Domestic Violence Resources Victoria provides information for individuals, family and friends and employers as well as listing a range of national and state based support services.
Last updated April 2020 | Web page

Summary of ABS data on COVID-19’s impact on Australian businesses
The Australian Bureau of Statistics (ABS) is releasing data to show the economic impact of COVID-19. This is a summary of an ABS survey of the business impacts of the virus, for the period 30 March 2020.
Last updated 29 May 2020 | PDF

Managing through COVID-19: CPA Australia update webinar series

CPA Australia provides an update on the current state, including information on the latest regulator updates and government announcements.

Managing through COVID-19: Webinar 1 – 30 March 2020
CPA Australia and the government's response to COVID-19, including tax and financial advice, and members' experiences managing through the crisis. View the webinar presentation file (PDF) and the webinar Q&A (PDF).
Uploaded April 2020 | Webinar

Managing through COVID-19: Webinar 2 – 14 April 2020
In this webinar, experts from Deloitte cover how to deal with clients in financial distress – business continuity, contingency planning, cash flow, and changes to the insolvent trading regime. View the webinar presentation file (PDF).
Uploaded April 2020 | Webinar

Managing through COVID-19: Webinar 3 – 16 April 2020
In this webinar, experts from Deloitte provide an overview of corporate and personal insolvency. View the webinar presentation file (PDF).
Uploaded April 2020 | Webinar

Setting up your virtual office
Due to the impacts of the COVID-19 outbreak, many of our members have had to establish remote working practices for their firms outside normal operating rhythms. This recorded webinar will provide members with guidance and considerations on ensuring their move to a virtual office is successful and sustainable, focused on the short term and medium-term actions members can take.
Recorded 6 April 2020 | Webinar