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Stewraz
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This is amazing advice.

I also spoke to the ABR and they informed me that any change to the structure requires me to cancel the ABN and re-apply. This is fine and simple to do.

then called ASIC and they advised me that a transfer of ownership (while it says 24 days on the site) is most often done in 24-48 hours. It will require me to pay a registration fee (nominal amount < $100). So the only thing remaining is to decide between Sole Trader or Company. I will be selling baby products, so i have a gut feeling that i should not limit my ability to get a great public liability cover. Company seems the best way to go in this regard. I also got advised to use Easycompanies.com.au as they charge $400 to simplify the process of registering the company name, getting the ABN and also the ACN. Getting there guys, really appreciate the advice so far :)