We all know the feeling: the drawer is overflowing, the folder is stuffed, and when tax season comes around, that one receipt is always missing. But how long do you actually need to keep invoices and receipts? And which documents can you safely shred?
In this article, we give you a complete overview of all retention periods — for Germany, Austria, Switzerland and the USA — clear and easy to understand.
Why Are Retention Periods Important?
Invoices and receipts are more than just paper. They serve as proof for:
- Tax returns — the tax office can request documents up to 5 years back
- Warranty claims — no receipt, no warranty
- Rental deposits — proof of payments
- Insurance claims — proof of the value of belongings
If you throw away important documents too early, you risk additional tax payments or the loss of warranty claims.
Key Retention Periods at a Glance
🇩🇪 Germany
| Document Type | Retention Period | Legal Basis |
|---|---|---|
| Tax returns & assessments | 5 years | § 147 AO |
| Invoices (business) | 10 years | § 14b UStG, § 147 AO |
| Invoices (private) | 2 years | Recommendation |
| Payroll records | 10 years | § 147 AO |
| Rental agreements | up to 3 years after contract ends | BGB |
| Medical records & prescriptions | 5 years | BGB |
| Insurance policies | up to 3 years after expiry | VVG |
| Warranty certificates & receipts | 2 years + warranty period | BGB |
| Bank statements | 5 years | Recommendation |
| Utility bills (tenants) | 5 years | § 556 BGB |
| Business correspondence (merchants) | 6 years | § 257 HGB |
Special notes: Period starts at the end of the calendar year. During an ongoing tax audit, criminal proceedings, or pending assessment, the period is extended.
🇦🇹 Austria
| Document Type | Retention Period | Legal Basis |
|---|---|---|
| Tax records (general) | 7 years | § 132 BAO |
| Invoices (business) | 7 years | § 132 BAO, § 190 UGB |
| Invoices (private) | 2 years | Recommendation |
| Payroll records | 7 years | § 132 BAO |
| Business correspondence | 7 years | § 190 UGB |
| Accounting records | 7 years | § 190 UGB |
Special notes: Period starts at the end of the calendar year in which the last correction was made. Extended during audits or appeal proceedings.
🇨🇭 Switzerland
| Document Type | Retention Period | Legal Basis |
|---|---|---|
| Tax records (general) | 10 years | Art. 962 OR |
| Invoices (business) | 10 years | Art. 962 OR |
| Invoices (private) | 2 years | Recommendation |
| Payroll records | 10 years | Art. 962 OR |
| Business letters & booking records | 10 years | Art. 962 OR |
| Accounting records | 10 years | Art. 962 OR |
Special notes: Period starts at the end of the financial year. Cantonal tax laws may contain different periods. Upon liquidation, records must be deposited in a secure location.
🇺🇸 USA
| Document Type | Retention Period | Legal Basis |
|---|---|---|
| Tax records (standard) | 3 years | IRC § 6501 |
| If underreporting > 25% of income | 6 years | IRC § 6501(e) |
| In case of fraud / non-filing | Unlimited | IRC § 6501(c) |
| Invoices (capital assets) | until after sale + 3 years | IRC § 6501 |
| Payroll records (Employment Taxes) | 4 years | IRC § 6001 |
| Bad debts / worthless securities | 7 years | IRC § 6501(d) |
Special notes: States may impose longer periods (e.g., California: 4 years). Companies under SEC regulation have additional requirements (Sarbanes-Oxley Act). Recommended safe retention period: 7 years.
Private Invoices — What You Need to Know
For private individuals, there is no legal obligation to keep invoices. However, it is advisable to keep certain receipts:
Always keep (2 years):
- Invoices for electronics, furniture, renovations
- Warranty certificates and receipts
- Craftsman invoices (tax deductible)
Keep longer (5–10 years):
- Tax assessments and tax returns
- Medical bills and prescriptions
- Rental agreements and utility bills
- Insurance policies
Keep forever:
- Employment contracts and references
- Certificates (marriage, birth, etc.)
- Will opening protocols
Business Invoices — Stricter Rules
If you are self-employed or run a business, significantly stricter rules apply. In Germany, invoices and all accounting records must be kept for 10 years (§ 147 AO). In Austria, it's 7 years (§ 132 BAO), and in Switzerland 10 years (Art. 962 OR). In the US, the standard retention period is 3 years (IRC § 6501), which extends to 6 years for underreported income and unlimited in cases of fraud. For businesses, 7 years is recommended as a safe guideline.
The retention period always starts at the end of the calendar year in which the invoice was issued. Important: During an ongoing tax audit, the period is automatically extended!
What Happens If You Don't Comply?
Anyone who intentionally or negligently violates retention obligations risks:
- Fines — up to €50,000 in Germany
- Tax estimates — the tax office estimates the missing amounts
- Loss of input tax deduction — no invoice, no deduction
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⚠️ Disclaimer: This content is provided for general informational purposes only and does not constitute legal or tax advice. While care has been taken in compiling this information, no warranty is made as to its completeness, accuracy, or currency. For binding guidance, please consult a qualified tax advisor, attorney, or the relevant tax authority.