The Daily Mail reported Liam Newman, 25, who was born in Taupo, died about 10am on Tuesday after the group jump ended in disaster at a rural property in Tarawera.
His employer, iFly Brisbane Indoor Skydiving, has confirmed Newman had died.
In a Facebook post, it said he was a much loved staff member and their thoughts were with his family at this difficult time.
"Out of respect for Liam, and our team, we are closing our Brisbane tunnel for the coming days," the post said.
Newman’s friend Cody Mason has started a Gofundme page - called 'In loving memory of Liam Newman' - which had raised $16,650 by 11am on Thursday.
"On August 27th 2024, the world lost an amazing man," Mason wrote.
"Our brother and our best friend Liam Newman tragically passed away in a skydiving accident. Liam was a man who dared to push the limits and had his heart set on achieving the world.
"Liam has been my best friend for 20 years, he is my brother and it breaks my heart to be in this position.
"I am reaching out and hoping to raise $10,000 to support the Newman family to cover some of his funeral costs."
The Australian Parachute Federation told 7news it has started an investigation into the incident.
The APF said in a previous social media post Newman had made more than 600 successful landings and was granted his skydiving licence in 2022.
"Whether it was taking dad for pretend tandem skydives off the living room couch, or sitting on the sidelines watching him land after a jump, I always knew that one day I would join him in the sky,” Newman said at the time.
"Jumping solo for the first time was one of the best moments of my life, and I knew it was the start of a long career in the sport, trying to live up to the legacy my dad has so brilliantly paved in front of me.”
The APF said Newman died after attempting a group jump at an organised event for experienced skydivers.
It said it believed his parachute opened and functioned normally, but he landed badly and sustained serious injuries.
Four other skydivers landed safely. The APF said first aid was administered to Newman, but he could not be saved.
-Additional reporting RNZ
