Para 1.1 of CAO 48.0 defines the aplicability of the whole series of CAO 48.
Private operations are not regulated by any of these orders.
Just for clarity, the paragraph that you quoted is from CAO 48.1, however you have to read it in conjunction with the CAO 48.0 Flight Time Limitations General.
You are correct regarding the use of Issue 7 but for some reason I can neither download nor access the current issue on the CASA web site so I just used the issue I has available. I would be prepared to bet that this paragraph has not changed.
I don't like the capitals and bold either. It was a cut and paste from my electronic copy and I am not sure how to fix it. Sorry.
By the way I am not arguing that unlimited private duty hours are a good thing or safe however what I thought we were discussing here is the legal situation.
Actually to complicate the situation even further have a look at some operators FRMS programs.
The approval of the FRMS will exempt the operator from complying with CAO 48 generally.
The ones I have seen do not have any 7, 30 or 365 day limits. In other words, if you are working for one of these operators, there are no flight time limits applicable to commercial ops so long as the roster does not exceed any of the FRMS limits. These limits are usually calculated using a computer program called FAID. I am not saying that there are not FRMS programs that do have flight time limits, just that the programs that I have seen do not.
Also the 1000 hours per year limit that did effect private operations was removed from the CAR's years ago.