Malcolm Young's family have released the following statement

It is with deepest sorrow that we inform you of the death of Malcolm Young, beloved husband, father, grandfather and brother. Malcolm had been suffering from Dementia for several years and passed away peacefully on Saturday with his family by his bedside.
Renowned for his musical prowess, Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many. From the outset, he knew what he wanted to achieve and, along with his younger brother, took to the world stage giving their all at every show. Nothing less would do for their fans.
Malcolm is survived by his loving wife O'Linda, children Cara and Ross, son-in-law Josh, three grandchildren, sister and brother.
While thanking all for their overwhelming support and heartfelt condolences, the family ask that you respect their privacy during this time of heartbreak and grief.
For those wishing to send messages to the family please visit the Sydney Morning Herald tribute site for Malcolm Young.
The family have asked instead of flowers to send donations to The Salvation Army.

It's impossible to overstate the influence Malcolm has had - and will continue to have - on generations of guitarists. He showed us that you didn't need overly-complicated riffs and gymnastic techniques to be a great guitarist; the majority of his writing involved very basic chords of the kind that most players learned in their first six months of playing, and yet the power and sheer reliability of his style made him a legend. He taught us that attitude is everything; the way he attacked the strings was unmistakable. He taught us not to hide behind distortion; listen closely and his tone is deceptively clean.

Rest in peace, Malcolm. We already miss you and we'll continue to pass on the lessons you've left behind.