The real meaning is Fuck you.
If you want to say "go take it in the ass" you can also say "Ma vattelo a pigliare in culo!

Derived from "Squillionaire," "squill" is a dereogatory term for anyone who accumulates, flaunts, hoardes, or otherwise posseses wealth beyond reason.

'Fuck off' or 'fuck you' in italian. It is a short form for "va' a fare in culo", literally "go to fuck in the ass" (intending "go get fucked in the ass"). Usually considered vulgar, but used often among (young) friends without offending intention. It can be shortened also as simply "fanculo".

It's an insult. Anyone who speaks Italian as a first language will tell you that it means "Fuck off". If Italian is not your native language, then you may interpret it as "Fuck an ass" or "Fuck your ass" or any combination of "ass" and "fuck". see previous entries

In Italian, it literally means "Go fuck an ass"

"go to do an ass" or "go to do in ass".....
But the real english translation is "Fuck you off", or may be "fuck you" i mean letterally. I say this from my 35 years old of REAL ITALIAN vaffanculo experience!.
Now other examples below..

fuck you in Italian