An SMSF cannot acquire an asset from a member or related party unless it is one of the specific exceptions and transferred at market value:
This restriction applies to assets that would be acquired through a purchase transaction as well as those acquired through an in-specie contribution.
The same restrictions do not apply to transfers out of the fund. The SMSF can sell/transfer assets (on market terms) to members or related parties provided it is at commercial rates and does not breach preservation requirements.
Naheed owns a residential investment property and shares listed on the ASX in her own name outside superannuation. She can sell the shares to her SMSF but not the investment property as it is not a business real property.