Wodonga police found the 66mm anti-armour weapon in Georgsha Gunn's tent on January 23 last year.

It was identified as belonging to the Australian Defence Force and Gunn told officers back at the Wodonga station he had been an army medic.

Gunn, who pleaded guilty to a firearm possession charge and retention of stolen goods in Wodonga court on Tuesday, claimed to have joined the reserves in 1989.

He told magistrate Ian Watkins he'd undertaken training, asked if he could take the weapon, and was told by a warrant officer that he could just keep it.

"I'm a former army reservist myself," Mr Watkins replied in disbelief.

"That is just nonsense.

"You chosen the wrong magistrate to spin that story to, I'm sorry.

"They don't hand that out.

"I don't accept that.

"It's just nonsense."

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Gunn said the bazooka was held together by tape and Blu Tack and he wouldn't have owned it if he knew it would get him in trouble.

Mr Watkins said as an army reservist, "I think you would have known it would have got you into trouble".

He also noted he had a long history of dishonesty offences.

"I need to view your explanation in that light," Mr Watkins said.

"You need to understand people do go to jail on these offences.

"If you involve yourself in these sorts of weapons in the future ... you would require strong reasons to persuade a court not to send you to prison."

He asked if the weapon was active, and police suggested it may not take much to make it usable, despite having a large dent.

Gunn was fined $2000.

The weapon was forfeited.

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