CAO 95.55 provides an exemption from the CAR 157; it does not exempt RAAus pilots from the controls imposed by the Operations Manual.
Sorry to continue off-topic...I can't see how this would prevent you from flying below 500ft over your own property (or one where you had the owner's permission) if you hold a valid RAAus Pilot Cert with a low-level endorsement and are flying an aircraft referred to in CAOs 95.10, 95.32 and 95.55 (which are ultralight or LSA).
In any case the relevant section (2.01-9) of the new RAA Ops Manual, released today, has changed slightly and now reads:
LOW LEVEL ENDORSEMENT (LL)
9. No Pilot Certificate holder shall operate a recreational aeroplane as
pilot in command below 500FT AGL unless:
a. the aeroplane is operated in accordance with the
requirements set out in CAO 95.10, 95.32 and 95.55, under
“Provisions relating to flight height limitations”; and
b. holds a RA-Aus Low Level (LL) Endorsement.
The section of the CAOs referred to says:
8 Provisions relating to flight height limitations
8.1 An aeroplane, to which this Order applies, may be flown at a height of less than 500 feet above ground level if:
(a) the aeroplane is flying in the course of actually taking off or landing; or
(b) the aeroplane is flying over land that is owned by, or under the control of, the pilot; or
(c) the owner or occupier (including the Crown) of the land, or an agent or employee of the owner or occupier, has given permission for the flight to take place at such a height; or
(d) the pilot of the aeroplane is engaged in flying training and the aeroplane is flying over a part of a flying training area over which CASA has, under subregulation 141 (1) of CAR 1988, authorised low flying.
8.2 Except when taking off or landing, an aeroplane, to which this Order applies, that is flown at a height lower than 500 feet above ground level must be at a distance of at least 100 metres horizontally from:
(a) a public road; or
(b) a person, other than a person associated with the operation of the aeroplane; or
(c) a dwelling, except with the permission of the occupier.
8.3 When taking off, or landing, an aeroplane to which this Order applies that is flown at a height of less than 500 feet above ground level must, during the take-off or landing, maintain a horizontal distance from a place or person referred to in subparagraph 8.2 (a), (b) or (c) that may be less than 100 metres but is:
(a) enough to avoid endangering any person or causing damage to any property; and
(b) as far as possible from such a place or person, having regard to carrying out a safe take-off or landing.
8.4 An aeroplane, to which this Order applies, may only be flown at a height of 5 000 feet above mean sea level or higher if it is equipped with serviceable radiotelephone equipment and the pilot is qualified to use it.
8.5 An aeroplane, to which this Order applies, may only be flown at a height of 10 000 feet above mean sea level or higher in accordance with an approval issued under paragraph 9.3.
All of which says, it seems to me, given a few conditions and an endorsement, it's OK to fly <500ft over your own property and without needing any valid reason. Correct?