Preheat oven to 180ºC. Grease 3 x 20cm round cake pans with butter; sprinkle lightly with flour. Mix the saffron and 2 teaspoons hot water in small bowl. Let stand 10 minutes.
Beat cake mix, oil, saffron mixture, water and eggs in a large bowl with electric mixer on a low speed until moistened. Beat on a medium speed for 2 minutes. Divide evenly between the cake pans.
Bake 20 to 25 minutes or until toothpick inserted in center of cakes comes out clean. Cool 10 minutes. Run knife around sides of pans to loosen cakes; remove from pans to cooling rack. Cool completely.
Heat large frying pan over medium heat. Add the coconut. Cook, shaking and stirring for 1 to 2 minutes, until golden brown. Remove from heat. Place coconut on a plate to cool.
Beat whipping cream mix and cold milk in medium bowl as directed on package. Beat in the coconut cream until combined. Chill in the refrigerator for 30 minutes.
Spoon about 1/3 of the whipping cream mixture into a piping bag fitted with star tip; set aside. Place one cake onto a serving plate. Spread with half of the remaining whipping cream mixture.
Sprinkle with about 1/3 of the coconut. Top with second cake. Spread with remaining whipping cream mixture and sprinkle with half of remaining coconut. Place third cake on top. Pipe reserved whipping cream in rosettes on top of cake. Sprinkle with remaining coconut.