In a statement released by AC/DC, Young was hailed for his dedication to working with the rock icons.
Following the Easybeats' breakup, Young and Vanda became one of Australia's most successful songwriting tandems.
"As a musician, songwriter, producer, advisor and much, much more, you could not ask for a more dedicated and professional man".
The Young brothers added, "As a brother, you could not ask for a finer brother". AC/DC announced on its Facebook page that George Young died Sunday. The Easybeats were known as a down-under 60s counterpart to the Beatles and established him as a star before AC/DC took the rock world by storm in the 1970s.
Many figures in the Australian music industry took to Twitter to pay tribute to Young.
As always, we wish the Young family and everyone who knew George peace at this time.
The Working Class Man singer tweeted: 'What a huge loss for music.
They were the first Australian rock'n'roll act to score an global hit with the 1966 single Friday On My Mind, reaching No.1 in Australia, six in the United Kingdom and 16 in the US.
Young will also be remembered as an immensely talented songwriter, and is responsible for dozens of 1970s hits such as John Paul Young's Love Is In The Air and Yesterday's Hero.
Young and Vanda also co-produced the 1978 live LP If You Want Blood You've Got It. Once in Scotland, George Young formed the Easybeats with Herry Vanda, which had global success with "Friday on my Mind".
In 1976, craving a pop outlet once again, Harry and George became Flash & The Pan and again generated global hits with "Hey St Peter", "Down Among The Dead Men", "Walking In The Rain" (later covered by Grace Jones) and "Waiting For A Train".