Buy these ASX shares and get 6% and 7% dividend yields

These shares offer larger-than-average dividend yields.

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Man holding out Australian dollar notes, symbolising dividends.

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When it comes to dividends, the Australian share market is among the most generous in the world.

Traditionally, the ASX offers income investors a dividend yield of approximately 4%.

However, this is the average. There are shares offering smaller yields and others offering larger yields.

Two such examples of the latter are named in this article. Here's what sort of dividend income they could provide investors with in the coming years:

Accent Group Ltd (ASX: AX1)

Accent Group is a retailer and distributor of performance and lifestyle footwear.

Across its growing brand portfolio, it has over 800 stores in Australia and New Zealand and multiple online stores. These brands include HypeDC, Sneaker Lab, Platypus, Stylerunner, Subtype, and The Athlete's Foot. It also owns the Nude Lucy and Glue Store brands.

Bell Potter thinks that it could be a good ASX share to buy right now. Particularly given how its shares are down 21% over the past 12 months. The broker feels this has left its shares trading at a very attractive level. It has put a buy rating and $2.50 price target on them.

This share price weakness also means that the potential dividend yields on offer with its shares have now ballooned. Bell Potter is forecasting fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $1.80, this represents dividend yields of 7.2% and 8.1%, respectively.

This means that a $10,000 investment would result in dividends of approximately $720 and then $810 if Bell Potter is on the money with its recommendation.

APA Group (ASX: APA)

Another ASX share that could provide big dividend yields is APA Group. It is an energy infrastructure business that owns, manages, and operates a diverse portfolio of assets. This includes gas transmission, gas storage and processing, and gas-fired and renewable energy power generation businesses located across Australia.

Macquarie is a fan of the company and believes its long run of dividend increases can continue. The broker currently has an outperform rating and a $9.40 price target on its shares.

As for income, the broker is forecasting dividends per share of 56 cents in FY 2024 and 57.5 cents in FY 2025. Based on the current APA Group share price of $8.72, this equates to 6.4% and 6.6% dividend yields, respectively.

If Macquarie's estimates prove accurate, this would mean that a $10,000 investment results in dividends of approximately $640 and then $660.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Apa Group and Macquarie Group. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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