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Frequently asked questions
Cancel Spaceship: The Right Way
How to cancel your Spaceship account in australia and reclaim your funds
What Spaceship is and why you might want to leave
Spaceship is an Australian fintech investment platform that allows retail investors to access managed portfolios with low minimum entry amounts. The service comprises Spaceship Voyager (a micro-investing app), Spaceship Super (a superannuation product), and Spaceship Cash Hub (an interest-bearing account). Each product targets Australians who want transparent, jargon-free investment strategies without the complexity of traditional brokers.
You might be considering cancellation for legitimate reasons. Perhaps you've found an investment platform with better returns, lower fees, or a user interface that suits your needs more effectively. You could be consolidating superannuation funds, relocating overseas, or reassessing your overall financial strategy. Whatever your reason, understanding the cancellation mechanics-including fees, timelines, refunds, and your legal protections-ensures you retain control of your exit process. Yafee specialises in helping Australian consumers navigate subscription and investment account closures with precision and confidence.
Common reasons australians cancel Spaceship
Investors close their Spaceship accounts for several recurring reasons. Some discover lower management fees elsewhere, others seek superior long-term returns, and many prefer a different platform's features or customer experience. You might be consolidating multiple super funds into one provider, switching to a traditional broker like Selfwealth or Interactive Brokers, or stepping back from active investing. The positive news: closing your account follows a clear, straightforward process once you understand the steps and potential pitfalls.
How yafee helps you cancel without complications
Yafee has assisted thousands of Australian consumers close investment accounts, savings apps, and subscription services across all sectors. We understand the frustration of confusing account closures, unexpected residual charges, delayed refunds, and poor communication from service providers. This guide explains exactly how to cancel Spaceship, what fees you'll encounter, what money you're legally entitled to recover, and how Australian consumer law protects you if the company refuses your cancellation or withholds funds unfairly.
Understand your fees and charges at Spaceship
Before you cancel, review what you're currently paying and what costs you may still incur during closure.
| Product | Account fee | Management fees | When applied |
|---|---|---|---|
| Spaceship Voyager | A$3 per month | 0.15-0.50% per annum | Monthly account charge plus daily fees accrued in unit pricing |
| Spaceship Super | Included in contributions | Varies by option | Deducted from super earnings and contributions |
| Spaceship Cash Hub | No monthly fee | Interest-bearing (variable) | Interest applied daily, credited monthly |
Your account incurs fees up to and including your final settlement date. If you cancel mid-month, you'll typically pay a pro-rata portion of the monthly A$3 Voyager fee. Investment fees (the percentage-based charges) continue to accrue until your final balance clears. To avoid surprises, download your Product Disclosure Statement (PDS) from your account or request it from [email protected] before you initiate cancellation.
Decide whether cancellation is right for you
This section helps you evaluate whether closing your account aligns with your financial circumstances, or whether pausing to reconsider might serve you better.
Reasons to continue with Spaceship
If you're comfortable with Spaceship's diversified portfolio options and committed to long-term wealth building, remaining might make sense. The platform's low minimum investment threshold (often under A$100) and transparent fee model appeal to many Australian investors. Spaceship Super consolidation can also create administrative complexity; if you're satisfied with your current super fund performance and contribution strategy, moving it elsewhere introduces unnecessary bureaucracy.
Furthermore, closing your investment account and selling holdings triggers capital gains tax implications. If your investments have accrued unrealised gains, you'll crystallise those gains on closure, potentially creating a tax bill in the current financial year. Consult your accountant about the timing of your exit to ensure you're not triggering an unexpectedly large tax liability.
Reasons to cancel your account
You should seriously consider cancelling if the monthly A$3 Voyager fee no longer justifies your balance. For accounts under A$500, that fee represents significant drag on returns. Similarly, if you've discovered a platform with lower management fees-particularly for Spaceship Super, where fees compound over decades-the savings warrant switching despite the administrative effort.
Cancellation also makes sense if you're relocating internationally and no longer eligible to maintain an Australian investment account. You might also choose to consolidate multiple investment platforms into one provider for simplicity, or reallocate funds toward debt repayment or other financial priorities.
Your legal position under australian consumer law
Australian consumer protection law grants you specific rights when closing financial accounts and receiving refunds of your invested capital.
Your cancellation rights under the australian consumer law
The Australian Consumer Law (part of the Competition and Consumer Act 2010) establishes that you have the right to cancel your Spaceship account at any time. You are not locked into a fixed contract; Spaceship must honour your closure request within a reasonable timeframe. Furthermore, the company must return your full invested balance without deducting unauthorised fees or charges. If Spaceship refuses to process your cancellation or withholds funds, you have grounds to escalate your complaint to the Australian Financial Complaints Authority (AFCA), the independent ombudsman for the financial services sector.
Your legal position: Spaceship cannot refuse your cancellation request. The company must process your closure within five business days of your written instruction. Any residual fees must be clearly itemised and justified under your Product Disclosure Statement. If the company disputes your refund amount or delays settlement beyond five business days without valid reason, you are entitled to lodge a complaint with AFCA at no cost.
Dispute resolution and escalation pathways
If Spaceship denies your cancellation request, delays your refund, or applies undisclosed charges, your first step is to submit a formal complaint in writing (email or registered post) to [email protected]. Spaceship must acknowledge your complaint within one business day and provide a substantive response within 10 business days. If you remain unsatisfied, contact the Australian Financial Complaints Authority (AFCA) on 1300 931 925 or via afca.org.au. AFCA will investigate at no cost to you and can order Spaceship to refund funds or reverse charges if the company has acted unfairly.
How to cancel your Spaceship account in five clear steps
Follow this procedure to close your account via the mobile app, which remains the fastest method for most users.
Step 1: open the Spaceship app and navigate to account settings
Launch the official Spaceship app on your mobile device (iOS or Android). Tap the menu icon (three horizontal lines) or navigate to the Account tab, depending on your app version. You'll see your portfolio dashboard and account overview.
Step 2: locate the account closure option
Within the Account menu, scroll down to find "Close my portfolio" or "Close account" (exact wording varies by product and app update). Tap this option to initiate the closure sequence.
Step 3: review the cancellation summary and confirm your instruction
Spaceship will display a summary of your current balance, any outstanding fees, and the expected timeframe for fund settlement. Review this information carefully to ensure accuracy. The app will ask you to confirm that you wish to close your account permanently and liquidate all holdings.
Step 4: verify your identity and confirm bank details
Spaceship requires you to confirm your identity (via PIN or biometric verification) and nominate the bank account to which your refund will be transferred. Ensure the bank details match your personal name and account to prevent delays or rejected transfers.
Step 5: submit your cancellation request and note your reference number
Tap "Confirm cancellation" or "Submit" to finalise your closure request. Spaceship will generate a reference number and confirmation message. Screenshot or note this reference number immediately; you'll need it if you need to follow up with support or lodge a complaint with AFCA.
What happens after you cancel: timeline and fund settlement
Understanding the post-cancellation timeline ensures you're not caught off-guard by delays or unexpected account activity.
Days 1-2: cancellation processing
Spaceship acknowledges your cancellation request within one business day. The company begins the process of liquidating your holdings. During this period, your account remains active but frozen; you cannot make new investments or withdrawals.
Days 3-5: settlement and fund transfer
Your investments are converted to cash and transferred to Spaceship's settlement account. In most cases, your refund appears in your nominated bank account within five business days of your cancellation submission. Factors that can extend settlement include bank processing delays (weekends and public holidays), market volatility affecting sale prices, or your bank's security screening of incoming transfers.
Days 5+: verification and account closure
Once your refund has been deposited, confirm receipt immediately. Log into your Spaceship account; it should display a closure confirmation and zero balance. If your account remains open or shows a balance after seven business days, contact [email protected] with your reference number and bank statement evidence of the refund.
Refunds, taxes, and what you'll receive
Your final refund comprises your original invested capital plus or minus any gains or losses, minus applicable fees and taxes.
What's included in your refund
Your settlement amount includes your total invested capital, all accrued interest (if applicable via Spaceship Cash Hub), and realised investment gains or losses as of your cancellation date. Spaceship deducts the pro-rata monthly A$3 account fee for any partial month. For Spaceship Super, withdrawal amounts are subject to superannuation legislation; you cannot withdraw super except in limited circumstances (permanent residency departure, retirement, or compassionate grounds), so cancellation of your Super account may require separate processing.
Tax implications of closing your account
Closing a Spaceship Voyager account triggers capital gains tax on any realised investment gains. If your portfolio has increased in value since you invested, you'll owe tax on that gain in the financial year you close the account. You are not taxed on your original capital; only the profit is assessable. For Spaceship Cash Hub, any interest earned is taxable income. Yafee recommends consulting your accountant before cancellation to understand your exact tax liability and whether timing your closure differently (e.g., in the next financial year) might reduce your tax burden.
Receiving your refund: bank details and timing
Spaceship transfers your refund to the bank account you nominated during cancellation. This must be an Australian bank account in your personal name. International transfers are not supported; if you're relocating overseas, you must nominate an Australian account or arrange a domestic transfer before your refund settles. Allow 3-5 additional business days for your bank to process the incoming transfer, particularly if your bank applies security screening to large incoming payments.
Common mistakes to avoid when cancelling
Cancellation is straightforward, but several pitfalls can delay your refund or create unnecessary complications. Yafee has observed these errors repeatedly across Australian financial services and investment platforms.
Mistake 1: cancelling without reviewing your tax position first
Many investors close their accounts without calculating their capital gains tax liability. If your portfolio has appreciated significantly, you could face a substantial tax bill in the current financial year. Before you initiate cancellation, run your portfolio numbers with your accountant and consider whether delaying your exit by a few weeks (until the next financial year) makes sense. This small delay can save hundreds or thousands of dollars in tax.
Mistake 2: failing to confirm your bank account details
If you nominate an incorrect bank account number or a joint account in someone else's primary name, your refund will be rejected or delayed for 2-4 weeks while the bank investigates. Double-check your bank details three times before confirming your cancellation. Your account number and BSB code must match the name on your Spaceship profile exactly.
Mistake 3: cancelling during market volatility without checking portfolio valuations
If you cancel during a market downturn, your portfolio value may be temporarily lower than your original investment. While this doesn't change your legal right to cancel, it means your refund will be smaller. Some investors rush to cancel during market corrections without considering whether holding for a recovery period might be prudent. Review your current portfolio value and asset allocation before you confirm your cancellation.
Mistake 4: not keeping your cancellation reference number and confirmation
If you lose your cancellation reference number, following up with Spaceship becomes significantly harder. Screenshot your confirmation message immediately and save it to your email or cloud storage. If your refund doesn't arrive within seven business days, you'll need this reference number to escalate your case.
Mistake 5: cancelling a Spaceship super account without understanding preservation rules
Superannuation is preserved under Australian legislation; you cannot simply withdraw it at any age. If you're trying to cancel Spaceship Super, you must meet a preservation condition-typically, you must be 65 or older, retired, or permanently departed from Australia. Attempting to cancel Spaceship Super without meeting these conditions will fail. Contact Spaceship directly to confirm your eligibility before attempting closure.
Compare Spaceship to alternative investment platforms
Before you finalise your cancellation, consider whether switching to an alternative platform might serve your needs better than closing entirely.
| Platform | Monthly fee | Investment fee range | Minimum investment | Best for |
|---|---|---|---|---|
| Spaceship Voyager | A$3 | 0.15-0.50% p.a. | A$1 | Micro-investors and beginners |
| Vanguard Personal Investor | No monthly fee | 0.30-0.80% p.a. | A$500 | ETF-focused, low-cost index investors |
| Selfwealth | No monthly fee | Brokerage per trade | A$500 | Self-directed stock investors |
| Raiz Invest | No monthly fee (premium A$5.50) | 0.50-0.75% p.a. | A$5 | Round-up micro-investing and beginners |
| Host Wealth | No monthly fee | 0.70-1.20% p.a. | A$1,000 | Balanced portfolios, managed funds |
| ASX-listed ETFs (via broker) | Varies | 0.03-0.60% p.a. | A$500 | Cost-conscious, index-focused investors |
If your reason for cancelling is high fees, Vanguard or direct ETF investing via a discount broker may suit you better. If you value simplicity and themed portfolios like Spaceship's, Raiz or Host Wealth offer comparable products. Yafee recommends reviewing each platform's PDS before you transfer; switching platforms often involves selling and rebuying holdings, which triggers capital gains tax, so ensure the move justifies the tax cost.
Checklist: confirming your cancellation is complete
Use this checklist to verify that your Spaceship account has been fully closed and your refund has settled.
- Cancellation reference number recorded and saved
- Confirmation email received from Spaceship within one business day
- Refund amount calculated and cross-checked against your expected balance
- Bank account used for refund matches your personal name and verified as correct
- Refund deposited into your nominated bank account within five business days
- Spaceship app or website shows zero balance and closure confirmation
- No residual charges appear in your account after day 7
- Capital gains or losses calculated and reported to your accountant
- Super consolidation forms submitted (if cancelling Spaceship Super)
Final steps and how yafee supports your exit
Closing your Spaceship account is final; once your refund settles and your account is frozen, reinvestment requires creating a new profile. Before you take that step, confirm your reasons align with your long-term financial goals. If you're exiting because of fees, compare the cost to alternative platforms. If you're stepping back from investing entirely, consider whether a longer-term, lower-touch investment approach might suit you better.
Yafee has helped thousands of Australian consumers navigate subscription cancellations, investment account closures, and refund disputes across banking, fintech, and managed funds. Our contract law specialists understand the intersection of Australian Consumer Law, financial services regulation, and your practical rights. If Spaceship refuses your cancellation, delays your refund beyond five business days, or applies undisclosed charges, contact the Australian Financial Complaints Authority or reach out to Yafee for guidance on escalation and dispute resolution. Your money, your timeline, your control: that's what cancellation should mean. Visit yafee.com to learn more about your rights and how we assist Australian consumers reclaiming control of their financial accounts.