He drove successfully for a variety of Holden teams in the V8 series - most recently Brad Jones Racing.
Richards is survived by his wife Charlotte and children Sienna and Olivia.
"Jason's family is appreciative of the many thousands of people who have offered their love and support during his battle with illness over the past 14 months,'' Richards' family said in a statement issued on Friday.
V8 Supercars said a memorial service to honour Richards and his career would be held at Sandown Raceway in Melbourne in the next few weeks.
Brad Jones Racing paid tribute to the talented Kiwi in a statement this afternoon.
"In the competitive world of V8 Supercars Jason was a rare breed - a driver that could tread the fine line between rivalry and friendship," the statement said.
"He was never secretive, selfish or bad-tempered and had endless enthusiasm and energy for his job and team."
"Through the highs and lows of racing, JR's uplifting presence and casual, self-effacing wit were unwavering and his effect he had on team morale is irreplaceable. He will forever be a member of the Jones family and this is a tragic day in the team's history."
- AAP
