Labor says it has done the math and will back the coalition's plan to bring tax relief for small and medium-sized businesses online five years earlier than planned.

"We're prepared to compromise in the national interest," said opposition leader Bill Shorten.

On Thursday, the Federal Government announced plans to take the tax cut that was scheduled to go from 27.5 percent to 25 percent by July 2026, and move it up by five years.  Shorten and Shadow Treasurer Chris Bowen say they thoroughly examined the plan and will support it regardless of parisan politics.

"The good news is that people in small and medium business enterprises can vote Labor or Liberal," he said.  "But if they vote Labor they'll be getting the same tax reductions as they would if they voted Liberal."

The Government will introduce the legislation to Parliament next week.