Preheat the oven to 350°F Grease two 9-inch springform pans.
Sift the dry ingredients into a bowl. Add the oil, eggs, and vanilla. Beat well. Fold in the walnuts, coconut, carrots, and pineapple.
Pour the batter into the prepared pans. Set on the center rack of the oven and bake until the edges have pulled away from the sides and a cake tester inserted in the center comes out clean, 50 minutes.
Cool on a cake rack for 3 hours. Fill and frost the cake with the cream cheese frosting.
Cream together the cream cheese and butter in a mixing bowl.
Slowly sift in the confectioners’ sugar and continue beating until fully incorporated. The mixture should be free of lumps.