Blackhole expenditure

Q: A business client had a turnover of $4 million for both the 2016 and 2017 financial years. For the 2017 financial year, can they use the simplified depreciation rules for small businesses? If yes, and they have individual assets valued at less than $20,000 on July 1, 2016, can these assets be immediately written off, or do they all need to be put into a general pool?

Question: I run a small business and bought something for $22,000 including GST (which is $20,000 without GST). The instant asset write-off rules say you can write off things that cost less than $20,000, but anything $20,000 or more needs to be added to the balance sheet as a capital expense. So, based on this, do I need to put the asset on the balance sheet for $20,000 instead of counting it as a regular expense in the profit and loss account? Is this what you understand from the rules?