When you transfer assets in to the fund it is commonly called an in-species transfer. Be careful though as the contribution caps still apply, being $25k for concessional (or $50k if over 50 until 2012; transitional arrangements) contributions and $150k for non-concessional (although you can bring forward 3 years worth of conts in one go if you are under age 65).
Please be very very careful if you are setting up an SMSF to acquaint yourself with what your role as trustee requires of you, and in particular what you should not do with super money. The ATO has flagged increased policing of funds as in the past they have not been particularly active in this area.
One of the big no no's is related party transactions (such as loans to family or friends or their businesses) and breaching the in-house assets test (5% of fund) or not transacting on a commercial arm's length basis. Generally you cannot make personal use of assets while they are in the fund - so if your best mate has bought a holiday house with his super money and stays in it regularly and reckons you should do the same beware.
