Combine the flour, sugar, baking powder and salt. Make a well in the centre of the flour mixture and add the vegetable oil, egg yolks, water, vanilla extract and almond extract. Beat until smooth.
In a large bowl, beat the egg whites and the cream of tartar until stiff peaks form. Pour the egg yolk mixture gradually over the beaten egg whites; fold until just blended. Fold in the desiccated coconut. Pour batter into an ungreased 26cm tube cake tin.
Bake in preheated oven for 55 minutes. Increase oven temperature to 180 C / Gas 4 and bake for 10 to 15 minutes longer. Top will spring back when touched lightly. Turn tin upside down until cake is cool before removing from tin. Remove cooled cake from tin.