Glen Day has spent 36 years creating a chain of six restaurants and a commercial kitchen that employs 120 staff, including his three children, around Burleigh Heads, a popular Gold Coast holiday spot.

But like many small business owners, Day, 72, is becoming increasingly concerned about how the government’s proposed additional tax of 15 per cent on the earnings of superannuation balances over $3 million will affect his retirement and inheritance planning.