Labor may not take 5% tax cut to election

Labor may not take a proposed five per cent tax cut for small business to the next federal election.

Opposition finance spokesman Tony Burke has refused to confirm if the policy - announced in reply to the federal budget's 1.5 per cent small business tax cut - will be a platform for the election due next year.

"Right at this point in time, we've put our hand across the table with the offer of bipartisanship," he told Sky News on Sunday.

Meanwhile, Treasurer Joe Hockey has no concerns about his small business package blowing a hole in the budget.

It included a $20,000 instant asset write-off for small businesses over the next two years.

Asked if he was worried whether the take-up might be bigger than expected, Mr Hockey told ABC television: "Not at all because it is their own money going back to them. That's how depreciation works."