Ms Blight was killed when the snorkelling boat she was on capsized in rough weather near Denpasar.
The Melbourne woman, who worked for advisory firm Cor Cordis, was due to turn 39 this week.
Two other Australians were injured in the incident, which struck about 8.30am, local time.
Ms Blight was originally from Canberra. Her family was expected to arrive in Bali on Saturday, the morgue forensic doctor told The Australian.
The snorkelling boat capsized near Penida Island, east of Denpasar, in rough seas on Friday.
An image released by local police shows a person swimming back to the overturned boat, still wearing snorkelling gear and clinging to a lifejacket. Five people can be seen sitting on the overturned hull. It appears only one of those people is wearing a lifejacket.
A relative of one Australian injured in the crash says the passengers were stranded on the capsized boat, and then stuck on Penida Island for hours.
Ms Blight was taken to hospital in Denpasar but did not survive.
She has been identified as the director of a Melbourne finance company and chartered accountant who specialises in insolvencies. Ms Blight grew up in Canberra but was living in Melbourne.
Two other Australians were injured in the incident. About a dozen people were on the boat.
Brisbane man Gabriel Hijniakoff, 29, and his partner, Cintamani Warrington, 32, were injured. Ms Warrington is an Australian who lives in Indonesia; in a fundraiser, a family member says she has serious burns.
“Tam’s injuries are particularly severe, as she has sustained extensive (burns) to a large portion of her body,” the fundraiser states.
“She is currently undergoing urgent surgery and is currently receiving medical treatment in Bali after a tireless fight from abroad.”
“Unfortunately, she is unable to speak due to the pain and her condition remains critical.
“Gabriel, too, has sustained significant injuries and they were only able to begin medical treatment nearly 24 hours after the incident.”
“Both were left stranded on the boat for an extended period, along (with) other passengers and did not receive timely medical attention or transfers. Unfortunately (one) woman tragically lost her life in this tragic incident.”
The family member says the pair lost their passports and phones, hampering attempts to liaise with family and the Australian government.
“Tam and Gabriel have a long recovery ahead of them, and we want to ensure they have the financial support to focus on healing, without the added stress of financial strain,” the family member says.
A German man died near the same Penida Island port in 2023, when the snorkelling boat he was on collided with another boat head-on. Multiple people were injured.
In February, a boat at Nusa Penida Harbor caught fire at the dock; 85 tourists were evacuated and no injuries were reported.
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