SYDNEY - Australian neo-Nazi group the National Socialist Network (NSN) on Tuesday announced it will disband in response to new hate speech laws proposed by the federal government following the Bondi Beach terror attack.

The NSN said in a statement posted on social media that it will close down by Jan 18, one day before the federal parliament is set to reconvene to debate legislation for the hate speech laws.

READ MORE: At least 10 dead in mass shooting at Sydney's Bondi Beach

Under the proposed laws, which were promised in the wake of the Bondi Beach terror attack that killed 15 people on Dec 14, it would be easier for the federal government to designate organizations as prohibited hate groups.

Once a group is prohibited, it would become a criminal offense to be a member, direct the activities of the group, recruit for the group, provide, receive or participate in training involving the group, get funds to, from or for the group, or provide support to the group, with penalties of up to 15 years in prison.

The statement said that there would be "no way" to avoid the neo-Nazi group from being banned if the laws pass the federal parliament.

READ MORE: Bondi Beach gunmen had ISIS flags, visited Philippines

"This disbandment is being done before the laws take effect to avoid former members of the organizations from being arrested and charged," it said.