Preheat oven to 350°F. Grease and flour a 10 inch tube pan.
Cream the butter and sugar until fluffy. Beat in flour, a bit at a time alternating with remaining ingredients except coconut and nuts. Beat on low speed until mixture is well blended. On medium speed, beat 2 minutes. Scraping the bowl as you beat. Stir in coconut and nuts.
Bake 45 to 50 minutes, till golden. Or, till knife or toothpick comes out clean when inserted in middle.
When cooled, dust with icing sugar.