GST withholding obligations REIQ contract

Good afternoon
My partner and I are intending on purchasing some vacant land to subdivide and on sell in Qld

in the REIQ contract it asks if the buyer is registered for GST and acquiring the land for a creditable pupose?
Currently only I am registered for GST and my partner is not

What is the actual outcome of ticking yes for this question (ATO data collection?)? Or is it only relevant if the seller was registered for GST and selling a taxable property?

The seller has ticked the buyer is not required to withhold box

Would I be correct in saying that I can just tick no for the time being, change my mind at a later date, complete the development and apply for the margin scheme when selling later on?

 

The partnership sounds like it may need a ABN but not yet...The question you want to know is if the vendor will provide a tax invoice or if they are using the margin scheme. Seek tax advice. Explained in our developer toolkit

All q's concerning the contract should be addressed by your solicitor not a forum

 

Thanks toolkit was an interesting read

They selected no for the buyer having to pay withholding, they also have not developed anything or are gst registered so i dont see any reason why they would provide a tax invoice or use the margin scheme
The question was more about wether we have to flag our intentions in the purchase contract and any ramifications selecting yes would of had

 

Seek personal tax advice