A cyclist who died after being hit by a bus outside a Sydney zoo is being remembered as a loving father of two.

New Zealand businessman and motor racing entrepreneur, Tim Miles was on a morning ride with his wife on a cycling track outside Taronga Zoo when he was struck.

Paramedics rushed to Bradleys Head Rd in Mosman about 10.35am on Sunday, however, Miles was pronounced dead at the scene.

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The bus driver was not injured and taken to hospital for mandatory testing.

Another four people were onboard the bus at the time of the accident, and none were injured.

In a statement, Miles’ family said the world had lost a “bright, shining light”.

“Tim was involved in a tragic and ultimately fatal accident this Sunday morning in Sydney while enjoying one of his favourite hobbies — cycling,” the 50-year-old’s family said.

“His loss is keenly felt by friends and family, especially wife, Tracy, and daughters Caley and Erin.

“Tim was a family man, though one who loved nothing more than stressing out his beloved Tracy about his latest motorsport-related purchase or adventure, all the while proudly telling stories of his two daughters’ successes in life.

Miles’ family said he was born in Ashburton on New Zealand’s South Island and initially chased his dream as a racing driver, before focusing on the business side of the sport.

Tim Miles is being remembered as a loving father of two. Credit: Sunrise

“His passing will be notably impactful on his other love — a motorsport community that felt Tim’s impact as a competitor, an owner, a supporter and as a businessman for more than 35 years.

“It was through his success in business that allowed him to extend his passion for motorsport and his family, the two of which often intertwined.”

Supercars Australia also paid tribute to Miles, who they called a keen racer and “pivotal figure” in the sport.

“Supercars is saddened to learn of the passing of Tim Miles, an extraordinary figure in Australian motorsport,” the organisation said in a statement.

“As a corporate advisor and former team owner, Tim played a crucial role in shaping the future of Supercars.”

The group said Miles was instrumental in the sale of Supercars to Archer Capital in 2011 through his company Miles Advisory Partners.

Tim Miles was fatally struck by a bus while cycling with his wife near Taronga Zoo. Credit: 7NEWS

“In 2021, Tim brokered the sale of Supercars to Racing Australia Consolidated Enterprises Pty Ltd,” it said.

“The proud Kiwi was a regular competitor in Porsche Carrera Cup Australia and GT World Challenge Australia. This year, he was competing with Melbourne Performance Centre and Audi alongside countryman Brendon Leitch.“

Miles was previously a co-owner of Triple Eight Race Engineering team, and was also the co-founder of Tasman Motorsport.

An investigation into the fatal incident is continuing, and a report will be prepared for the coroner, police said.

Anyone with information or any footage of the incident urged to contact crime stoppers.