In the wake of the Bondi mass shooting, which claimed the lives of 15 and injured dozens more, the state government has announced their plan to get guns off the street.
In a statement, Premier Jeremy Rockliff said the state government had taken a "serious and considered approach to reforms", which restrict who can buy firearms and what they can buy, but has not restricted how many firearms someone can buy.
Being an Australian citizen will now be a de facto requirement for eligibility to obtain a firearms licence, unless the applicant is a primary producer or a citizen of a prescribed country, such as New Zealand.
The state government will also reclassify firearms used by the Bondi killers, requiring firearms licensees to now need a Class C weapons licence to own a straight pull and button release and self-ejecting centre-fire and shotgun firearm.
Mr Rockliff announced there would be a firearms buyback and the state government will pay 1.5 times the value of the now more restricted weapons.
The state government has said it will compensate firearm dealers affected by the reclassification and will pay market value for any other legal firearm a licence holder wants to hand in.
There will be no cap on the amount of firearms a licensed person can hold.
The decision to establish a buyback follows calls from Labor as recently as February 26, which they said was a critical component of getting guns off the street.
Greens police spokesperson Tabatha Badger also called for a buyback and tighter restrictions on gun ownership.
In the aftermath of the Bondi Terror attack, Mr Rockliff said he would support a national approach to gun reform.
Mr Rockliff said the reforms will make the state safer without punishing law-abiding gun owners.
"These Tasmanian-specific reforms give police and the courts more powers to crack down on criminals caught in possession of an illegal firearm," he said.
"We have worked carefully to ensure these reforms do not impact the ability of law-abiding firearms owners to continue their work or recreation, while also increasing community safety."
Stronger penalties for theft and possession of stolen firearms will also be introduced, as will the sharing of intelligence information and associated background checks.
Minister for Police, Fire and Emergency Management Felix Ellis said that aspect of the reform was introduced to address illegal firearms and the black-market trade.
"Our government is making Tasmania safer with these strong and considered firearm reforms
"We have made strong and considered decisions, and we will progress legislation through Parliament this year."
There are currently 150,000 registered guns in Tasmania.