As part of the government’s policy to protect the integrity of the super system, the super laws prohibit you from intentionally acquiring assets from related parties of your SMSF. They also prohibit related parties from selling most assets to the fund or from contributing assets other than money.
For example, if Peter Jones is a trustee and member of the Jones Family Superannuation Fund and Peter owns a holiday house, the Jones Family Superannuation Fund can't purchase the holiday house from Peter. This would be a breach of the act. The term 'acquire' means more than just purchases and includes any means by which the SMSF becomes the legal or equitable owner of the asset.
Like many parts of the act, there are, however, a number of permitted exceptions.