“Our concern that only incorporated businesses would see such a tax break has been alleviated with non-incorporated entities receiving a tax discount of 5 per cent up to the cap of $1,000,” Mr Conway said.

“This is the first small business tax cut in 13 years, so it is long overdue,” he added.

"We are very pleased, therefore, to see the government [reduce] the tax rate for small unincorporated businesses.”

Mr Conway also labelled the increase in the accelerated depreciation write-off threshold of $20,000 - currently $1,000 and previously $6,500 under the previous government - as “particularly pleasing”.

“Other initiatives revealed at tonight’s Budget include significant reductions in red tape through the streamlining business registration initiative, and a special write-off for new start-up companies to help with professional expenses. We look forward to more detail on how these measures will be administered,” he said.