Tasmanian Premier Jeremy Rockliff will on Friday reveal the reforms, which are expected to include a buyback scheme, along with placing citizenship eligibility requirements for the purchase of guns.
Under the reforms, criminals caught with stolen firearms will face tougher penalties, backed by expanded background checks in Tasmania, which endured the nation's worst mass shooting almost three decades ago.
Certain weapons, including shotguns, will also be reclassified to a more restrictive license, generally limited to primary producers.
Mr Rockliff said he believes the reforms will make the state safer, along with standing by law-abiding firearms owners including primary producers.
"These Tasmanian-specific reforms give police and the courts more powers to crackdown 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."
A "nation-leading buyback" will be established, which will see incentive payments of 1.5 times the gun's value "to encourage surrender".
"A voluntary buyback will also be open to any legal firearm a licence holder wants to surrender at market value," Mr Rockliff said.
Shooters, Fishers and Farmers MP Carlo Di Falco largely supported the reforms but said the reclassification of selected firearms was unnecessary.
"Reclassification does not take a single illegal firearm off the street. It simply creates more red tape for people who are doing the right thing," Mr Falco said.
Despite the overhaul, there will be no caps imposed on individual firearms owners.
Independent Franklin MP Peter George criticised the move, saying there needs to be a "common sense" cap on the number of guns people own.
"It's more than disappointing the government will not impose a firearms cap, it's a failure of commonsense," Mr George said in a statement.
"I understand different guns are used for different jobs, but the state's already swimming in firearms against the will of most Tasmanians."
Mr George said he would work with crossbench members to impose an ownership limit of no more than six guns.
The tighter restrictions follow the Bondi terror attack, where 15 people were shot dead on December 14 during a Hanukkah celebration.
Gunmen Naveed Akram and his father, who was killed in a police shootout at the scene, are accused of carrying out Australia's deadliest mass shooting since 1996, allegedly deliberately targeting attendees at the Jewish festival of lights in an act of terrorism.
Following the attack, the federal government urged state governments to take part in the national firearms agreement established after the Port Arthur massacre in Tasmania, which left 35 people dead.
The Tasmanian government said it would work to progress the legislation through the parliament this year.
