diff --git a/sqlalchemy_utils/__init__.py b/sqlalchemy_utils/__init__.py
index 52c2af7..8e49c95 100644
--- a/sqlalchemy_utils/__init__.py
+++ b/sqlalchemy_utils/__init__.py
@@ -4,6 +4,7 @@ from .functions import (
     batch_fetch,
     defer_except,
     escape_like,
+    identity,
     primary_keys,
     render_statement,
     render_expression,
@@ -55,6 +56,7 @@ __all__ = (
     escape_like,
     generates,
     generic_relationship,
+    identity,
     instrumented_list,
     merge,
     primary_keys,
diff --git a/sqlalchemy_utils/functions/__init__.py b/sqlalchemy_utils/functions/__init__.py
index 1c58c1b..89d4d38 100644
--- a/sqlalchemy_utils/functions/__init__.py
+++ b/sqlalchemy_utils/functions/__init__.py
@@ -201,16 +201,41 @@ def identity(obj):
     always returns the identity even if object is still in transient state (
     new object that is not yet persisted into database).
 
+    ::
+
+        from sqlalchemy import inspect
+        from sqlalchemy_utils import identity
+
+
+        user = User(name=u'John Matrix')
+        session.add(user)
+        identity(user)  # None
+        inspect(user).identity  # None
+
+        session.flush()  # User now has id but is still in transient state
+
+        identity(user)  # (1,)
+        inspect(user).identity  # None
+
+        session.commit()
+
+        identity(user)  # (1,)
+        inspect(user).identity  # (1, )
+
+
+    .. versionadded: 0.21.0
+
     :param obj: SQLAlchemy declarative model object
     """
     id_ = []
-    for attr in obj._sa_class_manager.values():
-        prop = attr.property
-        if isinstance(prop, sa.orm.ColumnProperty):
-            column = prop.columns[0]
-            if column.primary_key:
-                id_.append(getattr(obj, column.name))
-    return tuple(id_)
+    for column in sa.inspect(obj.__class__).columns:
+        if column.primary_key:
+            id_.append(getattr(obj, column.name))
+
+    if all(value is None for value in id_):
+        return None
+    else:
+        return tuple(id_)
 
 
 def naturally_equivalent(obj, obj2):
diff --git a/tests/functions/test_identity.py b/tests/functions/test_identity.py
index 202bdfe..66bcb90 100644
--- a/tests/functions/test_identity.py
+++ b/tests/functions/test_identity.py
@@ -13,4 +13,11 @@ class TestIdentity(TestCase):
         self.Building = Building
 
     def test_for_transient_class_without_id(self):
-        assert identity(self.Building()) == (None,)
+        assert identity(self.Building()) is None
+
+    def test_for_transient_class_with_id(self):
+        building = self.Building(name=u'Some building')
+        self.session.add(building)
+        self.session.flush()
+
+        assert identity(building) == (building.id, )