Mr Balnaves is believed to have been holidaying together with his spouse, Diane, close to Tahiti when the accident occurred.
A spokesperson for The Balnaves Basis confirmed the passing of the 77-year-old.
"The Balnaves household sends their heartfelt thanks for individuals's form phrases and needs, and kindly requests privateness at this troublesome time," they stated.
He's survived by his spouse and two kids Hamish and Victoria.
Mr Balnaves was a number one determine within the leisure business.
He based the Southern Star manufacturing home and produced fashionable reveals, similar to McLeod's Daughters, Massive Brother, Bananas in Pyjamas and Water Rats.
His philanthropic basis supported the humanities and donated greater than $20 million to main organisations, together with the Artwork Gallery of New South Wales, Sydney's Ensemble and Belvoir Avenue theatres, the Artwork Gallery of South Australia, the Adelaide pageant and Bangarra Dance Theatre.
From 2003 till 2016 he was chair of the Ardent Leisure Group, which runs theme parks similar to Dreamworld on the Gold Coast.
In a press release provided to Sydney Morning Herald Mark Kilmurry, inventive director of Sydney's Ensemble Theatre remembered Mr Balnaves as an awesome buddy.
"Yesterday afternoon we have been knowledgeable of the surprising and terribly unhappy information of Neil Balnaves' deadly boating accident whereas on holidays," Mr Kilmurry stated.
"Neil Balnaves, via the Balnaves Basis, was not solely a significant sponsor of Ensemble Theatre however he turned an awesome buddy and supporter.
"Neil had a imaginative and prescient to create a greater Australia via training, medication and the humanities, particularly First Nations artists, and was by no means afraid to face up for what he believed in," Mr Kilmurry stated.