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The annual Targa Tasmania rally has been marred by the death of a Brisbane man, a year after three competitors were killed while taking part in the event.

A Brisbane man has died after crashing his car in the annual Targa Tasmania rally, the fourth competitor killed in the race in the past two years.

The driver and his female passenger were on board when the car crashed over an embankment on a closed section of the event at Mount Roland, in the state's north, about 3.30pm on Wednesday.

Tasmania Police have confirmed the 59-year-old man died at the scene, while the woman suffered non-life threatening injuries.

A 1989 Porsche 944S2 was reported to have gone off the road at Mt Roland about 3.10pm after organisers warned the field of "slippery stages".

The road remains closed as police investigate, and a report will be prepared for the coroner.

A planned Wednesday night meet and greet event in Launceston to cap the second day of the event has been cancelled.

"We apologise for the short notice and any inconvenience caused," Targa said in a social media post.

The latest death takes the number of competitors to die during the Tasmanian event's 30-year history to six.

Targa Tasmania competitors Shane Navin, Leigh Mundy and Dennis Neagle lost their lives during last year's event, prompting an investigatory tribunal to be established.

It made 23 recommendations for future tarmac rallies, including speed limits, altering stages year-by-year to avoid complacency and a tiered licensing system.

Twenty-one of those have been adopted by rally organisers, with two the responsibility of Motorsport Australia to implement.

The 2022 rally is due to run for six days from Launceston to Hobart, with more than 500 cars taking part.