The plane landed in a remote area near Lowood, a 60-minute drive west of Queensland’s capital.
Due to the nature of the area, paramedics have struggled to get on the scene, approaching the wreckage by foot.
The plane ran into bad weather, before dropping 2000 feet from the air.
The plane was tracked leaving Roma in western Queensland yesterday at 7.20am, stopping in Dalby around 9am, before taking off again fifteen minutes later.
The plane then lost connection near Ipswich around 10am before plunging to the ground yesterday afternoon.
Pilot Gary Liehm, who had previously flown for Queensland fire and emergency services, had been flying the plane.
Aboard were millionaire businessman Tom Strachan, 49, and his 20-year-old son Noah.
The Australian Transport Safety Bureau confirmed it is investigating the crash.
“The ATSB expects to deploy a team of transport safety investigators from its Brisbane office, with expertise in engineering, aircraft operations and maintenance, to the accident site on Tuesday,” a spokesperson said.