The two men were travelling in a Ford sedan along the Murray Valley Hwy sometime before 11pm when the vehicle they were in lost control and collided with a tree.
Both Mr Gash and Mr Tout died at the scene.
Following the collision, tributes flooded in on Facebook as family and friends shared their devastation over the loss of the two young men.
Cobram Roar FC said the club was "devastated at the tragic passing" of their member Mr Gash, saying their hearts went out to the families of the two boys.
Mr Gash was described by friends and family as a "great young man" and a "curly haired angel", with many saying they were "heartbroken" after hearing the news.
The young men were described as "two good blokes" who would be greatly missed by their communities.
A video was also shared on Facebook of a bunch of blue balloons being released into the sky in tribute of the two men.
“Utter disbelief. Little Gashie will be watching over everyone now. His journey on earth is over but his soul will live forever in your hearts,” one Facebook user wrote.
The News understands Mr Gash was from Cobram while Mr Tout lived in Yarrawonga.
Police confirmed they were investigating the collision.
Anyone who witnessed the incident or who may have dashcam footage is urged to contact Crime Stoppers on 1800 333 000.Alternatively a confidential report can be submitted at www.crimestoppersvic.com.au