Enables phosphatidylinositol-4,5-bisphosphate 5-phosphatase activity. Involved in postsynaptic neurotransmitter receptor internalization; regulation of postsynaptic neurotransmitter receptor internalization; and synaptic vesicle uncoating. Acts upstream of or within several processes, including dephosphorylation; synaptic vesicle cycle; and synaptic vesicle transport. Located in Schaffer collateral - CA1 synapse and glutamatergic synapse. Part of membrane coat. Is expressed in several structures, including central nervous system; genitourinary system; peripheral nervous system; respiratory system; and sensory organ. Human ortholog(s) of this gene implicated in Parkinson's disease; Parkinson's disease 20; and developmental and epileptic encephalopathy 53. Orthologous to human SYNJ1 (synaptojanin 1). [provided by Alliance of Genome Resources, Apr 2022]