Western Australia will become the first state to introduce a limit on the number of firearms one person can own.
Farmers are also caught up in the WA government firearms buyback scheme to begin next week.
The $64.3 million scheme starts on February 21 and run for six months or until the money is exhausted, the government said yesterday.
Shooters are already accusing the government of "robbing" shooters over what they call "insulting" buyback prices being offered.
"In the majority of cases, the sums being offered are not even close to what these items cost to buy new or on the open market," Shooters Union Australia president Graham Park said.
"A brand new Beretta Silver Pigeon double-barrelled clay target shotgun - which is a pretty standard clay target shotgun - costs about $3500 to buy, yet according to the government, it's worth $750."
Farmers and gun club members will be restricted to 10 firearms while recreational shooters will only be able to own five.
There are more than 360,000 licensed firearms owned by fewer than 90,000 people in WA, the government says.
The timing of the buyback coincides with the introduction of a new firearms bill to state parliament.
"The changes will see WA introduce the most robust management of firearms in the country," Premier Roger Cook said.
"This will also mean the state will be ready and equipped to participate in a national firearms registry."
Other key changes include tougher storage requirements, mandatory firearms training and health checks, new licence types, reform of the written authority system, and the introduction of mandatory disqualifying offences.
The government said the proposed compensation was based on current retail baseline valuations, similar to those used in the 1996-97 Commonwealth buyback.
Firearms can be surrendered at any WA Police station.
Unlicensed firearms can also be surrendered without penalty and without fear of prosecution, however, they will not qualify for the buyback scheme.
Shooters Union Australia's Mr Park said its members had committed no crime and had done nothing wrong but were are going to be significantly out of pocket.
"If the Government wants to force people to give up their lawfully owned property - property the government itself issued that person with a permit to own - then they can pay a fair price - which we'd consider as starting above the market rate - as a consequence."