If you're looking to boost your income with dividend shares, then you're in luck.
The Australian share market has a good number of quality options for investors to choose from right now.
But which ones should you buy? Three of my favourite dividend shares are listed below:
BWP Trust (ASX: BWP)
BWP Trust is the largest owner of Bunnings Warehouse sites in Australia. It has a portfolio of 68 stores leased to the hardware giant and seven other retail showrooms. Pleasingly, thanks to the strength of the Bunnings business, the trust appears to have been unaffected by the pandemic and continues to collect rent as normal. As a result, it was able to provide a distribution estimate this week. It intends to declare a 9.27 cents per unit final distribution, which will bring its full year distribution to a total of 18.29 cents per unit. This equates to a 4.5% distribution yield.
Rural Funds Group (ASX: RFF)
Another dividend share for income investors to consider buying is Rural Funds. I think the agriculture-focused property group could be a great option due to its high quality property portfolio, periodic rental increases, and its lengthy tenancy agreements. In respect to the latter, at the end of the first half Rural Funds' weighted average lease expiry stood at 11.5 years. I believe this gives it great visibility with its future earnings. In FY 2021 the company intends to lift its distribution to 11.28 cents per share. This works out to be a forward 5.6% distribution yield.
Telstra Corporation Ltd (ASX: TLS)
I think this telco giant is a great dividend share to buy. I'm a big fan of Telstra due to its improving outlook, defensive business, and generous yield. In respect to the former, I'm confident that a return to growth isn't too far away thanks to the easing of the NBN headwind, its significant cost cutting program, and the arrival of 5G internet. Positively, in the meantime, I believe Telstra's free cash flow will be sufficient to maintain its 16 cents per share dividend for the foreseeable future. This represents a fully franked 5.1% dividend yield.
